The PIPEs Report Sees Second Largest Year for Small-Cap Equity Financing Capital Since 2001

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Jan 15, 2016, 01:00 ET

NEW YORK, Jan. 15, 2016 /PRNewswire/ -- The PIPEs Report, a service of The Deal that covers the small-cap equity financing market, has issued a quarterly report showing that for 2015 small-cap equity financing had the second-biggest year so far in terms of dollars raised. The transaction volume of PIPE transactions in 2015 remained constant compared to the same time period in 2014. Data is sourced from PrivateRaise, a service of The Deal that tracks PIPEs that raise at least $1 million.

"The fourth quarter ended the second-biggest dollar year ever for PIPE investing, as the space became increasingly popular to a wider range of companies doing bigger deals," said Paul Springer, senior writer for The PIPEs Report. "The last quarter was part of a serious second-half downtrend likely to continue in early 2016 as energy volatility and China-related economic worries spook the markets. Yet action could pick up again in Q1, making for another robust year of PIPE investing."

Some highlights from the report:

PIPE offerings had their second-biggest year in terms of dollars raised—$89.97 billion, a 14.8% increase from 2014.
Deal flow in PIPE transactions in 2015 rose 2.5% compared to 2014, according to PrivateRaise, a service of The Deal.
The amount of dollars invested in PIPE transactions in the fourth quarter was down 19% when compared to the same period in 2014.
Despite the technology sector accounting for about one third of the total cash raised in the fourth quarter, healthcare was the most active sector by number of placements, with 40% of the total number of deals in the quarter.
Empery Asset Management LP was the top-ranked investor in the fourth quarter by number of investments, with 13 deals. Sabby Management LLC ranked second, with 11 deals. Heights Capital Management Inc. ranked third, with 8 deals.
H.C. Wainwright & Co. was the top-ranked placement agent in the fourth quarter by number of placements, with 15 deals for the quarter. Roth Capital Partners LLC ranked second, with 9 deals. Ladenburg Thalmann & Co. ranked third, with 8 deals.

The full report is available online. For more information on The PIPEs Report and PrivateRaise, visit http://www.thedeal.com/the-deal/the-pipes-report and www.privateraise.com.

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