华利安（Houlihan Lokey）：2026年 Q1 股权挂钩型私募投资公开股权（PIPE）市场更新报告（英文版）（14页）.pdf

1、Q1 2026Equity-Linked PIPE Market UpdateMichael MulkerinManaging Director MMulkerinHL.com+1 310.712.6567Sean FitzgeraldManaging DirectorSFitzgeraldHL.com+1 212.331.8170Daniel KlausnerManaging Director Daniel.KlausnerHL.com+1 212.331.8168Jeffrey DorstManaging DirectorJDorstHL.com+1 212.497.7864Fadi Hu

2、maidDirectorFHumaidHL.com+1 646.259.7449Yan TauminSenior Vice PresidentYTauminHL.com+41 43 499 43 49Houlihan Lokey TeamHoulihan Lokey is pleased to present its Q1 2026 equity-linked PIPE market update,providing an overview of the market for convertible debt,convertible preferred,and structured priva

3、te investments in public equity(PIPE).PIPE transactions are a critical financing tool for public companies requiring tailored capital solutions beyond traditional public markets.Given the diversity in equity-linked PIPE structures,we focus on larger,longer-term transactions that best capture prevail

4、ing market conditions.Our analysis focuses on transactions that raise more than$25 million in capital and have maturities longer than one year.In this issue,we analyze Q1 2026 issuance trends and examine the role of make-whole provisions,focusing on how conversion rate adjustments are used to preser

5、ve investor economics in fundamental change scenarios.We trust this update provides a useful perspective on the evolving equity-linked PIPE landscape.If there is additional content you would find useful for future updates,please email us with your suggestions.We look forward to staying in touch with

6、 you.Sincerely,Houlihan Lokey Team01Introduction2Please reach out to us to schedule a call to discuss this quarters market update or to explore how we can serve your business needs.Contact UsContact UsLearn MoreEQUITY-LINKED PIPE MARKET UPDATE Q1 202601Introduction02Quarterly SnapshotOverviewIssuers