It is dilutive. Cash for shares just like asher. But the difference is chicago venture only lends big money to companies that Chicago Ventures themselves believe are successful and help make successful like superclick and mediswipe. You can see the details on the website:
" PIPEs are private investments in public entities. Chicago Venture has led several privately negotiated, direct investments in companies whose stock is already publicly traded. These are often structured with a convertible debt (or debt with warrants) instrument with registration rights on underlying common stock. "
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