More and more SPACs are choosing to undertake PIPE transactions in connection with their initial business combinations.  The capital raised in the PIPE transaction, which closes concurrent with the closing of the initial business combination, helps to mitigate the risks associated with potential SPAC stockholder redemptions.  In addition, as SPACs undertake larger initial business combinations, capital provided in the PIPE transactions helps provide additional growth capital for the combined company.  The PIPE transactions undertaken in connection with SPACs often raise some structuring and legal considerations that may not arise in your run-of-the-mill PIPE transaction.  We discuss these considerations in our article here.