Why do firms issue private equity repeatedly? On the motives and information content of multiple PIPE offerings

► Although ignored by previous studies, PIPEs are usually not one-time deals. ► An urgent operational need for cash motivates this type of equity issuance. ► The well-known positive announcement effect disappears across successive PIPEs. ► Initial PIPEs have a diverse investor base; later PIPEs mainly rely on hedge funds. ► There is no market feedback effect for these issuers, as found for SEOs by others.