Heights Capital Management

Heights Capital Management, Inc. operates as a specialized affiliate of Susquehanna International Group (SIG), a global quantitative trading firm. Based in San Francisco, Heights Capital focuses primarily on Private Investments in Public Equity (PIPE) transactions, targeting emerging growth companies. Unlike traditional venture capital firms that invest in private startups, Heights Capital provides crucial capital to companies that are already publicly traded or are in the process of going public, often through Special Purpose Acquisition Companies (SPACs). Their investment approach is rooted in providing flexible, non-control growth capital to support various corporate initiatives, including working capital, strategic acquisitions, and product development, for businesses poised for significant expansion in the public markets.

The firm's investment strategy centers on identifying public companies with strong growth potential that require substantial capital infusions. Heights Capital Management is known for its ability to execute complex PIPE deals, offering structured financing solutions that can include convertible notes, preferred stock, or common equity. This flexibility allows them to tailor investments to the specific needs of the issuing company while aligning with their own risk-reward parameters. Their deep expertise in public markets, backed by SIG's extensive financial resources and trading capabilities, enables them to conduct thorough due diligence and provide strategic value beyond just capital.

Heights Capital Management typically deploys significant capital into its target companies. While specific deal sizes can vary widely depending on the company's needs and market conditions, their typical first check sizes for PIPE investments generally range from approximately $10 million to $150 million. For instance, they participated in a $100 million PIPE for Cibus in 2023, and a $150 million PIPE for Ginkgo Bioworks in 2021, demonstrating their capacity for substantial commitments. These large-scale investments underscore their role as a critical funding source for public companies seeking to accelerate their growth trajectories without necessarily resorting to traditional follow-on public offerings, which can be dilutive or subject to volatile market conditions.