CHAPTER 9
Managing Risk Securities Structures, Trading, and Deal Documentation
STEVE WINTERS Gemini Investment Strategies, LLC
In the first edition of this book, I asked rhetorically, “What isn’t risky about investing in a PIPE?” In this second edition, I review some of the risk management techniques that have remained consistent since the first edition was published, I explore new structures in the marketplace, and ask “What’s changed to make PIPEs less or more risky?”
A successful PIPE still must navigate a myriad of legal, investment, and accounting hurdles before its consummation and public announcement. During that period of intense negotiation and documentation, an investor must assess the health of the issuer’s business through a ...
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