Pryor Cashman has been listed among the top firms in the nation for the number of Private Investments in Public Equity (PIPE) transactions completed on behalf of its clients in 2011, according to PlacementTracker and PrivateRaise.

PlacementTracker is a leading provider of research, data, and analytics covering the PIPE market. PrivateRaise is the leading source for data and analysis of PIPEs, Reverse Mergers, and Special Purpose Acquisition Companies (SPACs).

A PIPE is a private investment in public equity whereby a public company sells newly-issued equity securities to accredited investors in a private placement transaction that is exempt from the registration requirements of the Securities Act of 1933. The investors typically require the company to file a registration statement after the transaction is completed to allow the investors to resell the securities in the public market, either through a securities exchange or over the counter.

In one such 2011 PIPE transaction, Pryor Cashman represented a Nasdaq-listed biotechnology company in its sale of common stock and warrants to institutional investors and on the preparation and filing of the related registration statement that was filed with and declared effective by the Securities and Exchange Commission (SEC).