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PIPEs: A Guide to Private Investments in Public Equity: Revised and Updated Edition by E. Kurt Kim, Steven Dresner

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CHAPTER 7
Registered PIPEs Registered Direct Transactions
JOSEPH SMITH
Feldman Weinstein & Smith LLP
 
 
 
 
Public corporations routinely raise additional capital through the issuance of new equity securities. Traditionally, most of these issuances have been underwritten by an investment bank or a syndicate of investment banks and offered to public investors in what is commonly referred to as a “follow-on” offering. This process, which includes drafting a prospectus, registering the securities with the SEC, and bringing management on a road show, is both time-consuming and expensive. It is also a process deeply affected by market conditions, which are prone to change during the course of the legally required sequence of events, aborting many proposed ...

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