Not familiar with PIPE's, but have 2 questions for anyone with an answer:

• Can they also be dilutive? (i.e. Company issues 10% more shares).  In which case, those of us who already own shares, take a hit. Although, we get the publicity that a hedge fund has picked up our stock.
• Can they be non-dilutive, where those selling (i.e. the principals trade their shares for $$), and the company gets zero cash.  We also get positive publicity in this instance.