Equity Research Analyst, Private Placements

Susquehanna International Group, LLP•Bala Cynwyd (Philadelphia Area), PA

1d•Onsite

About The Position

Heights Capital Management (Heights) manages investments directly in publicly traded companies, typically through negotiated transactions: PIPEs, registered directs, confidentially marketed offerings, convertibles and warrant-linked structures. As an analyst at Heights, you will have a variety of responsibilities including identifying companies likely to raise capital, building the diligence to enable investment managers to accurately outline risks related to prospective transactions, and updating investment managers on existing portfolio companies. You will work directly with the investment managers from deal inception to pricing. This is a small team so you will be trusted with substantive work quickly.

Requirements

2 to 5 years in equity research, investment banking (ECM), a buy-side analyst seat, or transaction advisory.
Strong accounting and modeling skills, and fluency reading SEC filings in detail.
Working knowledge of how PIPEs, registered directs, ATMs and warrant transactions function.
Comfort operating on deal timelines, where a decision can be needed within a day.
High integrity and discipline around material non-public information and wall-cross restrictions.
Excel and Bloomberg proficiency.

Nice To Haves

Direct deal experience is a plus.
SQL or Python is a plus, as is an interest in automating repetitive parts of the process.
CFA progress or completion
Experience valuing options, warrants or convertible SEC

Responsibilities

Identify potential investments: Screen US-listed companies for capital need using cash runway, burn rate, shelf and ATM capacity, upcoming catalysts and trading liquidity.
Monitor SEC filings (e.g. 10-Q, 10-K, 8-K, S-3, 424B5), sell-side research, news flow and banker deal flow to keep a live pipeline of candidates.
Develop and maintain the desk's watchlist and candidate tracker, and help refine the screening tools behind it.
Support reverse-inquiry outreach by preparing company one-pagers
Prepare due diligence: Build and maintain financial models covering runway, dilution, capital structure and warrant or convertible scenarios under different pricing outcomes.
Analyze management track record, prior financings and their terms, competitive position, and, for healthcare names, the clinical and regulatory picture.
Write concise investment memos with cited sources and exact figures, and present recommendations to the desk.
Join management and banker calls, track open questions through to answers, and coordinate with legal and compliance on wall-cross and restricted-list status.
Support portfolio companies: Monitor positions for catalysts, earnings, filings and cash position, and flag changes that affect our thesis or our securities.
Maintain relationships with management and investor-relations teams as an ongoing point of contact.
Evaluate follow-on financing requests, warrant amendments and exercise decisions, and track registration rights and covenant terms.
Prepare periodic portfolio reviews and ad hoc analysis for the desk.