ANY financing which is not made available to the PUBLIC and is a "closed" process is by definition a PIPE. Unless they gave every shareholder the option to buy @ 10.75 it's a PIPE.
MNTA's financing is the classic definition of a PIPE, there's a private syndicate and it's not open to public. It may not be as sleazy as the ones by Rodman where one hedge fund takes down the entire thing after shorting - but it's still a PIPE - just a kinder gentler kind that doesn't harm shareholders much.
IMO it was a very good - but only 2.5m shares have traded ABOVE that offering price. Not sure if the DB upgrade was intentional because you KNOW they knew a PIPE was being priced. You cant sell 4m shares in 2 afternoons.
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