Rights Offerings: The New PIPEs? (from the PIPES Report)
by Steven E. Siesser, Steven M. Skolnick, Michael J. Reinhardt, Lowenstein Sandler and Frederick D. Johnson, William Blair & Co.
The continuing dislocation of the capital markets has led to an increased interest in rights offerings. Market participants, including cash-starved issuers, intermediaries and other advisors, are beginning to explore the viability of using a rights offering as a means of raising capital. A rights offering can be fairly characterized as a hybrid PIPE and registered direct (RD). One important aspect of a rights offering is that it can be structured so it is not subject to an exchange's 20% shareholder approval rule.
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