The PIPEs Conference

The PIPEs Conference 2025

The PIPEs Conference 2025 was a resounding success! For over 20 years, DealFlow has led the charge in private investments in public equity, and this year’s event continued that tradition with outstanding results. Held at The Hard Rock Hotel & Casino in Hollywood, Florida, the conference served as a hub for professionals across the PIPE market to network, share insights, and explore new deal-making opportunities.

Attendees had the chance to delve into the latest market trends, regulatory updates, and innovative transaction structures, all while engaging with industry leaders and experts. A big thank you to everyone who attended and made this year’s conference such a success. Conference video recordings will be available soon.

View photo gallery On DEMAND

November 12, 2025

Welcome Party

November 13, 2025

State of the PIPEs Market: Trends & Outlook

  • Market performance: Volume, deal sizes, and sector activity
  • Economic drivers – interest rates, inflation, and macroeconomic impact
  • Sector breakdown – where PIPEs are thriving and where they’re struggling
  • The role of PIPEs in small, micro, and nano-cap financing

Mitch NussbaumCo-Chair
Loeb & Loeb

PIPEs as a Strategic Capital Raising Tool for Public Companies

  • When should a public company pursue a PIPE over other financing options?
  • Thoughts from CFOs who have successfully raised capital through PIPEs
  • How issuers make their offerings attractive to investors
  • Balancing dilution concerns with long-term growth objectives

Richard FriedmanPartner
Sheppard, Mullin, Richter & Hampton LLP

Francisco GonzalezCFO
Sky Harbor Group Corp.

Eric LussierPrincipal
Next Level Partners

Jason SardoSenior Managing Director, Capital Markets
Maxim Group

Status of PIPEs in DeSPAC Transactions

Doug EllenoffPartner
Ellenoff Grossman & Schole, LLP

Bitcoin/Crypto PIPEs Highlights & Red Lights

Highlights

  • Institutional Adoption Accelerates
  • Spot Bitcoin ETFs approved in major markets
  • Traditional finance (BlackRock, Fidelity, etc.) entering the space
  • Custody, compliance, and on-ramps maturing
  • Regulatory clarity slowly improving

Red Lights (Risks & Concerns)

  • SEC enforcement-first approach continues to cloud project viability
  • Ambiguity around which tokens qualify as securities
  • Market Manipulation & Liquidity Issues
  • Short-term volatility discourages traditional capital allocators

Mark WoodCo-Head of Katten's National Capital Markets
Katten Muchin Rosenman LLP

Joe TonnosManaging Director, Investment Banking
Roth Capital Partners

Christina Zaroulis MilnorPartner
Mincey Bell Milnor/Cranfill Sumner

James ClarePartner
Bennett Jones LLP

Networking Break

How Investment Funds Evaluate Deals

  • Hedge funds vs. family offices: Key differences
  • Risk-return considerations: Liquidity, control provisions, and exit strategies
  • What investors look for in PIPE deals beyond the discount
  • Other desirable deal criteria

Sanjeev SrivastavaFounder and Managing Partner
BLF Advisors

Osman AhmedManaging Partner
New Circle Capital

Marc Van TrichtHead of Capital Markets
EarlyBirdCapital, Inc.

Espen RobakPresident
Pluris Valuation Advisors

Lunch

The Regulatory & Legal Landscape: What You Need to Know to Navigate this Market

  • SEC updates and new compliance considerations
  • Corporate governance: Shareholder rights and voting requirements
  • Avoiding litigation: Lessons from recent enforcement actions
  • The impact of new disclosure rules on issuers

Matthew BevillePartner
WilmerHale

Ele KleinPartner
McDermott Will & Schulte

Greg SichenziaPartner
Sichenzia Ross Ference Carmel LLP

Perrie WeinerPartner in Charge, Los Angeles • Chair, North America Securities Litigation Group
Baker McKenzie

Julie PlylerSpecial Counsel
Covington Burling

Structuring PIPE Transactions

  • Traditional vs. bespoke PIPE structures (convertible debt, preferred equity, warrants).
  • Key investor protections: anti-dilution, down-round rights, covenants.
  • Case studies of recent successful & problematic deals.

Caitlyn Van ValinExecutive Vice President
Odyssey Trust Company

Elliot BermanFounder & Managing Director
Berman Audit & Advisory

Morris ZarifManaging Partner
Zarif Law Group

Stephen FaucettaManaging Director
Spartan Capital Securities

Networking Break

Strategies to Engage Family Offices, Mutual Funds and Cross‑Over Investors

  • Longer-term horizon; focus on legacy and bespoke structures
  • Insistence on strategic alignment, downside protection
  • Emphasis on relationships, less bureaucracy in decision-making
  • Focused on liquidity, valuation discipline, and compliance with mandates
  • Cleaner structures, quicker execution, public-market valuation comfort

Thomas HaugManaging Director, Head of Alternative Assets
Force Family Office

Dean RubinoCIO, Founder, Managing Partner
Kelly Park Partners

Jon NajarianCo-Founder
Rebellion Partners

The Future of PIPE Transactions: What’s Next?

  • New innovations in PIPE structuring
  • Will PIPEs remain a go-to financing vehicle in an evolving market?
  • The role of AI and data analytics in PIPE deal sourcing
  • Final thoughts from industry leaders on where PIPEs are headed

Avraham Ben-TzviFounder
ABZ Law

Mohit BhansaliCo-Founder
EquiDeFi

Todd CoffinSenior Managing Director, Head of Structured Finance
TerraNova Capital

Gaurav VermaCo-Head of Investment Banking
D. Boral Capital

Cocktail Reception