John D. “Jack” Hogoboom speaks with The Deal about the increase in PIPEs activity in the recent quarter, in general and in association with SPAC acquisitions. “In the SPAC space, the PIPE terms are incredibly issuer-favorable, reflecting the general investor frenzy over SPACs,” he says.  “What we would consider ‘normal’ terms for a PIPE, such as liquidated damages for late registration statement filing or effectiveness, are unheard of in the SPAC space.” Hogoboom adds, “Unfavorable economic terms and long lock-ups appear to be the order of the day in that market. In many cases, investors are being asked to commit to provide financing for a future acquisition that isn’t even on the horizon.”