A PIPE is a direct placement of unregistered shares. The buyers in a PIPE are rarely if ever serious investors in the company in question; rather, the PIPE buyers may be looking for a quick profit from short-selling (covering with the PIPE shares when eventually registered), and they are attracted by the attached warrants that usually come as a freebie.
MNTA’s financing was a traditional underwritten deal. It was not a direct placement, the shares are registered, and there are no attached warrants. In all likelihood, the buyers consider their shares a long-term investment.
A third kind of deal, a hybrid of a PIPE and a traditional underwritten deal, is a registered direct placement. The terms in this kind of deal are highly variable, but the fact that the shares are registered allows for a smaller discount and/or fewer warrants than in a PIPE.
I would have expected an experienced trader like you to know all this.
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