Analysis of PIPE issuance for 13 months through May 2014

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Proceeds

	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Less than $1 million	0.001	0.001	0	0	0	0	0.002	0.001	0	0	0.001	0	0
$1-1.99 million	0.018	0.014	0.013	0.013	0.014	0.015	0.033	0.026	0.011	0.011	0.030	0.016	0.001
$2-2.99 million	0.020	0.018	0.015	0.031	0.009	0.022	0.012	0.026	0.037	0.009	0.020	0.019	0.018
$3-4.99 million	0.030	0.030	0.022	0.049	0.028	0.035	0.033	0.041	0.026	0.027	0.060	0.015	0.017
$5-9.99 million	0.091	0.102	0.064	0.058	0.073	0.058	0.067	0.136	0.085	0.055	0.074	0.060	0.031
$10-14.99 million	0.051	0.014	0.065	0.095	0.093	0.067	0.054	0.101	0.077	0.054	0.082	0.035	0.022
$15-$49.99 million	0.272	0.317	0.528	0.298	0.172	0.394	0.259	0.193	0.345	0.303	0.295	0.234	0.155
$50 million and higher	1.469	1.807	1.190	0.132	0.958	2.766	2.700	1.316	0	1.733	0.510	1.642	0.502
Total	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.840	0.581	2.193	1.072	2.022	0.746
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0	1	0.003	5	0.001	1	0	0	0.001	1	0.005	9	0.004	8	0.02%
$1-1.99 million	0.040	30	0.074	54	0.052	40	0.017	13	0.070	53	0.215	160	0.197	147	1.06%
$2-2.99 million	0.056	24	0.060	26	0.066	29	0.038	16	0.103	45	0.256	111	0.237	103	1.56%
$3-4.99 million	0.099	28	0.110	30	0.114	31	0.032	9	0.146	40	0.414	114	0.385	106	2.21%
$5-9.99 million	0.195	30	0.260	41	0.214	34	0.090	15	0.304	49	0.953	150	0.861	136	4.60%
$10-14.99 million	0.252	22	0.221	20	0.213	19	0.057	5	0.270	24	0.809	71	0.758	67	4.08%
$15-$49.99 million	0.999	39	0.847	34	0.944	35	0.390	15	1.334	50	3.769	146	3.497	136	20.17%
$50 million and higher	2.279	12	6.783	17	2.243	10	2.144	7	4.387	17	16.724	59	15.255	54	66.33%
Total	3.921	186	8.357	227	3.846	199	2.768	80	6.614	279	23.146	820	21.194	757	100.00%
Type
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
convertible notes	0.106	0.273	0.244	0.151	0.031	0.302	1.420	1.163	0.060	0.142	0.115	0.094	0.026
convertible preferreds	1.234	0.858	0.009	0.196	0.402	2.397	0.101	0.261	0.144	0.273	0.325	0.377	0.063
equity line	0.044	0.086	0.063	0.007	0.020	0.005	0.086	0.010	0.035	0.101	0.048	0.090	0.018
notes with stock	0	0	0	0	0	0	0	0	0.004	0.010	0	0	0
notes with warrants	0.004	0.099	0.105	0.027	0.055	0.116	0.005	0.007	0.030	0.057	0.133	0.043	0.062
preferreds with stock	0	0	0	0	0	0	0	0	0	0	0	0.002	0
preferreds with warrants	0	0	0	0	0	0	0	0	0	0	0	0	0.007
stock	0.452	0.848	1.459	0.217	0.822	0.479	1.261	0.278	0.245	1.547	0.414	1.401	0.564
units of stock and warrants	0.112	0.139	0.017	0.079	0.017	0.058	0.287	0.120	0.063	0.063	0.038	0.015	0.008
Total	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.840	0.581	2.193	1.072	2.022	0.746
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.426	40	2.886	39	0.316	36	0.120	8	0.436	44	4.126	150	4.020	135	6.59%
convertible preferreds	0.607	26	2.759	33	0.742	35	0.439	13	1.181	48	6.638	127	5.404	120	17.86%
equity line	0.090	9	0.101	9	0.184	17	0.108	7	0.292	24	0.614	54	0.570	48	4.41%
notes with stock	0	0	0	0	0.014	2	0	0	0.014	2	0.014	2	0.014	2	0.21%
notes with warrants	0.187	12	0.128	9	0.219	13	0.105	8	0.325	21	0.742	48	0.738	47	4.91%
preferreds with stock	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.002	1	0.03%
preferreds with warrants	0	0	0	0	0	0	0.007	1	0.007	1	0.007	1	0.007	1	0.11%
stock	2.498	77	2.019	102	2.207	66	1.965	34	4.171	100	9.987	328	9.535	301	63.06%
units of stock and warrants	0.114	22	0.465	35	0.164	30	0.023	8	0.187	38	1.017	109	0.905	102	2.83%
Total	3.921	186	8.357	227	3.846	199	2.768	80	6.614	279	23.146	820	21.194	757	100.00%
Warrants
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Yes	0.091	0.361	0.970	0.255	0.130	0.466	0.115	0.168	0.234	0.216	0.354	0.112	0.254
No	1.861	1.941	0.928	0.421	1.217	2.892	3.045	1.672	0.347	1.977	0.718	1.91	0.492
Total	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.84	0.581	2.193	1.072	2.022	0.746
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.355	75	0.748	99	0.804	107	0.366	28	1.170	135	3.725	366	3.635	343	17.69%
No	2.566	111	7.609	128	3.042	92	2.402	52	5.444	144	19.421	454	17.560	414	82.31%
Total	3.921	186	8.357	227	3.846	199	2.768	80	6.614	279	23.146	820	21.194	757	100.00%
Use of Proceeds
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Acquisition	0.026	0.325	0.787	0.056	0.003	0.089	1.174	0.019	0.011	0.065	0.003	0.338	0.002
Capex	0.027	0.003	0.061	0.011	0.003	0.018	1.250	0.084	0.014	0.007	0.028	0.004	0
GCP	1.508	0.472	0.291	0.128	0.378	0.075	0.437	0.168	0.228	0.375	0.450	0.236	0.459
Refinance	0	0.018	0.012	0.006	0.017	0.022	0.001	0.012	0.028	0	0.010	0	0
Multiple/Other/NA	0.389	1.484	0.746	0.477	0.946	3.154	0.298	1.557	0.300	1.747	0.581	1.445	0.286
Total	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.84	0.581	2.193	1.072	2.022	0.746
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.845	7	1.283	14	0.079	4	0.340	4	0.419	8	2.898	34	2.872	31	6.34%
Capex	0.075	7	1.351	9	0.049	6	0.004	2	0.053	8	1.509	28	1.482	26	0.80%
GCP	0.796	50	0.679	63	1.053	59	0.695	18	1.748	77	5.204	223	3.695	204	26.43%
Refinance	0.035	5	0.035	5	0.038	5	0	0	0.038	5	0.125	17	0.125	17	0.57%
Multiple/Other/NA	2.169	117	5.009	136	2.628	125	1.730	56	4.358	181	13.410	518	13.020	479	65.89%
Total	3.921	186	8.357	227	3.846	199	2.768	80	6.614	279	23.146	820	21.194	757	100.00%
Industry Sector (by SIC code)
	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014	5/2014
Agriculture (0xxx)	0.010	0	0	0	0.003	0.001	0.025	0	0.017	0	0.007	0.008	0
Mining (1xxx)	0.015	0.247	0.127	0.073	0.006	0.024	0.043	0.101	0.040	0.091	0.009	0.014	0
Oil and gas (13xx)	0.167	0.168	0.044	0.112	0.236	0.079	0.304	0.042	0.019	0.024	0.043	0.002	0.150
Construction (15xx)	0	0.135	0	0	0.009	0	0	0.004	0.007	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.097	0.077	0.107	0.196	0.098	2.407	1.824	1.267	0.107	1.364	0.211	0.173	0.341
Pharmaceuticals (2834-6)	0.147	0.224	0.445	0.122	0.188	0.448	0.269	0.104	0.089	0.260	0.234	0.134	0.120
Transportation (4xxx)	0.060	0	0.216	0	0.050	0.010	0.129	0.061	0.066	0.175	0.040	0	0
Communications (48xx)	0.043	0.201	0.004	0.054	0	0.049	0.004	0.003	0.046	0	0.005	1.223	0
Electric, gas, sanitary services (49xx)	1.200	0.012	0.006	0	0	0.003	0.004	0.002	0	0.002	0	0	0
Wholesale (5xxx)	0.006	0.004	0.841	0.012	0.003	0.018	0.240	0.006	0.010	0.047	0.037	0.008	0.011
Finance, insurance, real estate (6xxx)	0.166	0.997	0.047	0.079	0.704	0.263	0.262	0.211	0.117	0.193	0.128	0.404	0.019
Services (7xxx)	0.033	0.237	0.031	0.026	0.048	0.019	0.037	0.033	0.058	0.013	0.352	0.034	0.075
Health services (8xxx)	0.005	0	0	0.003	0.002	0.023	0.003	0.006	0.004	0.018	0.005	0	0.011
Non-operating (9995)	0.003	0.002	0.030	0	0	0.013	0.016	0	0.001	0.006	0.001	0.022	0.019
Total	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.840	0.581	2.193	1.072	2.022	0.746
	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.003	1	0.026	2	0.024	4	0.008	2	0.032	6	0.071	11	0.061	9	0.48%
Mining (1xxx)	0.205	22	0.168	18	0.141	15	0.014	2	0.154	17	0.789	63	0.774	61	2.33%
Oil and gas (13xx)	0.392	12	0.425	21	0.087	12	0.152	2	0.239	14	1.391	65	1.224	54	3.61%
Construction (15xx)	0.009	1	0.004	1	0.007	2	0	0	0.007	2	0.155	6	0.155	6	0.11%
Manufacturing (2xxx, 3xxx)	0.401	41	5.498	44	1.682	44	0.514	18	2.196	62	8.270	175	8.172	161	33.20%
Pharmaceuticals (2834-6)	0.755	40	0.822	58	0.583	49	0.254	15	0.837	64	2.784	187	2.637	176	12.65%
Transportation (4xxx)	0.266	4	0.200	9	0.281	5	0	0	0.281	5	0.807	19	0.747	18	4.25%
Communications (48xx)	0.058	5	0.056	5	0.050	3	1.223	2	1.274	5	1.633	18	1.589	17	19.26%
Electric, gas, sanitary services (49xx)	0.006	2	0.008	3	0.002	1	0	0	0.002	1	1.228	9	0.028	8	0.03%
Wholesale (5xxx)	0.856	13	0.263	7	0.094	9	0.019	7	0.113	16	1.241	39	1.235	38	1.71%
Finance, insurance, real estate (6xxx)	0.830	20	0.737	28	0.438	18	0.423	13	0.861	31	3.590	97	3.424	88	13.02%
Services (7xxx)	0.105	20	0.089	24	0.423	28	0.109	13	0.532	41	0.995	101	0.963	93	8.04%
Health services (8xxx)	0.005	3	0.032	5	0.026	6	0.011	3	0.037	9	0.079	18	0.074	17	0.56%
Non-operating (9995)	0.030	2	0.029	2	0.008	3	0.042	3	0.050	6	0.114	12	0.111	11	0.76%
Total	3.921	186	8.357	227	3.846	199	2.768	80	6.614	279	23.146	820	21.194	757	100.00%

Criteria

• The tables include all dollar-denominated offerings sold as private placements, excluding Rule 144A deals.

• Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets.

• Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

• Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

• Each tranche is counted as a separate deal.

• Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

• Minimum issue size $1 million (all tranches combined).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.