This chapter describes how financings both drive and slow a reverse merger transaction, and discusses valuation and structuring issues, documentation, and other unique aspects of financings that occur contemporaneously with a reverse merger. Most PIPEs are completed with companies that have been public for a while. Their public SEC filings are scrutinized as the primary element of due diligence. Documentation exchanged with the investors consists of a purchase agreement and a few collateral agreements that are basically in industry customary form, with not much to negotiate in most deals. In the majority of cases, financing is the trough at which most reverse merger candidates feed. Investors, in particular PIPE investors, continue to develop the best methods for achieving these financings, taking time to study the private operating business along with the shell company with hope of receiving much greater returns than they would with a typical PIPE investment.