PIPE's are down not due to a lack of interest, but a lack of dumb money to support them. Retail dollar volume is still down almost 50% of previous levels. PIPE lenders know this. Even Ihub had to go from "top 20 boards" to "top 15 boards".
PIPE's are down because most the dumb money (novice retail) don't have any extra money to throw away at POS OTC's.