These are extraordinary times and listed companies are going to need more funding, from one source or another. In addition to drawing down on existing facilities, putting place new debt, rights issues, open offers and cash placings, this article discusses the expectation of seeing more variation in the coming months. This will likely mean, alongside the usual secondary capital raising structures, that we start to see more PIPEs, or privately negotiated transactions in which an investor or group of investors makes a direct investment into a company whose shares are publicly listed on a stock exchange.


* This article was first published in the International Financial Law Review.

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