Definition
Anchor capital raised alongside a de-SPAC merger – A block of newly issued shares sold directly to institutional investors, typically at the SPAC's $10.00 reference price, arranged concurrently with a SPAC's Merger Agreement to fund the deal and signal outside conviction in the target's valuation. PIPE proceeds close alongside the merger itself and are separate from — and additive to — whatever cash remains in the SPAC's Trust Account» after any shareholder redemptions. Found In: MD&A, Notes to Financial Statements (subsequent events, subscription agreements)