The PIPEs Report - January 16, 2007

One for the History Books

The PIPE market sailed into uncharted territory in 2006, surging past previous high water marks and posting new records in dollar and transaction volume. The banner year occurred in a volatile climate as PIPEs took off in the first quarter, slowed in the following two quarters and accelerated in the fourth quarter. Full Story

Growth in the PIPE market of Canada, the world’s second largest, outpaced that of the U.S. last year. Canadian issuers placed 471 out of the total 604 PIPEs by non-U.S. issuers in 2006, raising $5.49 billion at an average of $23.3 million per deal. Total dollars raised went up by 66.4% from 2005 and the volume of individual deals rose 49.5%, according to data provided by PrivateRaise, which tracks PIPEs of $1 million or more by issuers with a trading presence on a U.S. exchange or market. Full Story

Reg SHO Revisions Likely to Include New Restrictions on Short Sales

The continued congressional and regulatory focus on hedge funds, particularly in light of the Securities and Exchange Commission’s failed court battle to force the funds to register, has produced a sense of urgency to shore up controversial rules in the commission’s efforts to halt abusive short sales. Full Story

• FASB Clears the Air on EITF 00-19
• Roth Capital Becomes Pink Sheet ‘DAD’
• SEC Sues Executives of PIPE Issuer Aspen Technology
• Denison Mines Offers $90M in Stock
• Irvine Sensors Raises $8.25M to Avoid Bank Default
• FBR Executives Pay More Fines in CompuDyne Scandal
• Another Exotics.com Officer Settles with the SEC
• Hirings and Firings