Category B
Public-Company Equity, Bridge & Convertible Debt
Flexible capital for public companies across growth, transition, and balance-sheet needs.
- Principal Capital
- Collateral-Based
- 6–12 Month Terms
- Case by Case
Overview
Equity, short-term secured bridge, and convertible debt capital for select private companies going public and existing public companies. Structures may include direct equity, conventional bridge loans, or counsel-reviewed convertible secured notes.
What Proceeds Cover
- Acquisition consideration and closing costs
- Balance-sheet strengthening ahead of an exchange review
- Working capital against contracted revenue
- Audit, counsel, and filing costs for an issuer
- Settlement of a defined near-term obligation
- Bridging to a committed permanent facility
When This Applies
Most people arrive here from a search, in the middle of something. These are the situations this category exists to answer.
An acquisition has a closing date and the permanent financing does not
The target will not wait for a bank process to finish. Short-term secured capital closes the transaction on schedule and is repaid when the permanent facility or the planned raise completes.
An uplisting requires the balance sheet to look a particular way on a particular date
Exchange listing standards are tested at a point in time. Capital that arrives after the review is worth considerably less than capital that arrives before it.
Revenue is contracted but the cash is months behind it
Receivables, settlements, and milestone payments are assets. A facility secured against them turns a timing problem into a financing question rather than an operating crisis.
How It Is Structured
The same four things decide whether a transaction in this category can be done, and in what order they are established.
The structure follows the collateral, not a product sheet
Direct equity, a conventional secured bridge, and a counsel-reviewed convertible note are all available. Which one fits depends on what can be pledged, what the issuer's disclosure position is, and what the repayment source actually is.
Convertible mechanics are reviewed before they are offered
Conversion terms are examined by securities counsel on both sides and documented in full before closing. Nothing is agreed on a mechanic that has not been through that review.
Controls are documented rather than implied
No new senior debt without lender consent, and defined events of default covering missed payments and unauthorised borrowing. These are ordinary secured-lending terms, written down.
Repayment is dated to a real event
A completed permanent facility, a scheduled receivable, a closed raise, or an asset sale. A forecast is not a repayment source.
Indicative Structure
| Facility size | $100,000 — $500,000 indicative; larger considered case by case |
|---|---|
| Term | 6 to 12 months |
| Position | Senior secured, subject to lien review |
| Structure | Direct equity, secured bridge, or counsel-reviewed convertible secured note |
| Controls | No new senior debt without lender consent |
| Conditions | Diligence, legal review, collateral review, definitive documentation, and closing conditions |
All transactions remain subject to diligence, credit or investment approval, legal review, collateral review, and closing conditions.
Collateral Considered
- Accounts receivable
- UCC lien on company assets
- Public stock, subject to transferability review
- Settlement or judgment receivables
- Guaranty
- Control agreement over a deposit account
Senior liens, priority, and enforceability are reviewed during diligence.
Model a scenario against this collateralTransactions We Finance Here
Each of these has its own page covering structure, collateral, what we look for, and what commonly stalls one.
Common Questions
If your question is not here, a short call is usually faster than an email thread.
Ask directlyIs a convertible note the default structure?
No. It is one of three, and it is used where it genuinely fits rather than by preference. A conventional secured bridge is frequently the cleaner instrument, particularly where the issuer's disclosure position or capitalisation makes conversion mechanics complicated.
How are conversion mechanics decided?
They are negotiated on each transaction, reviewed by securities counsel, and set out in the definitive agreements rather than presented as a standing term. BlackWolf holds as a principal; it is not an agent placing or distributing securities for others.
Can you close before our permanent financing is finalised?
That is the ordinary use of a bridge. What underwriting needs is evidence that the permanent facility or raise is real and dated — a term sheet, a commitment, or a signed agreement — not that it has already funded.
What happens if we take on other debt during the term?
New senior debt requires lender consent, and unauthorised borrowing is a defined event of default. That is stated in the documents so it is not a surprise later.
Do you require the issuer's filings to be current?
Disclosure currency is part of the review for any public issuer, and stale or incomplete disclosure is one of the more common reasons a transaction does not proceed. Where filings are behind, that is worth raising in the first conversation.
What Happens Next
Submitting a transaction starts a review, not a commitment. This is the sequence that follows.
Submit Intake
Provide a brief overview of your financing needs.
Initial Review
Our team reviews the opportunity and confirms alignment.
Confidential Discussion
We evaluate structure, collateral, and objectives.
Structured Solution
Where there is a fit, we outline a tailored path forward.
Submission of information does not create a commitment to lend or invest.
What to Have ReadyDocuments commonly requested during review. Nothing here is needed to submit.
Corporate
Establishes who you are and who can sign.
- Certificate of incorporation and current bylaws or operating agreement
- Current capitalisation table, including options, warrants, and convertible instruments
- Officers, directors, and holders of more than five per cent
- Board or member authority to incur debt and pledge assets
Financial
Shows what the business does and what it can carry.
- Last two years of financial statements, audited where they exist
- Current-year interim statements
- Existing debt schedule with maturities and security
- Accounts-receivable ageing, where receivables are part of the picture
Transaction
Describes what the money is for and how it comes back.
- Letter of intent, merger agreement, or registration draft, as applicable
- Use of proceeds, itemised
- Repayment or exit source, with its expected timing
- Counsel, auditor, and transfer agent engaged on the transaction
Collateral
Establishes what secures the facility and who else has a claim on it.
- UCC search results and any existing lien or security filings
- Valuation, appraisal, or ageing supporting the collateral's value
- For pledged securities: share certificates or book-entry position, and the transfer agent's requirements
- Any lock-up, pledge restriction, or shareholder agreement that touches the collateral
If This Is Not Quite It
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Not Ready for the Full Form?
Tell us who you are and what you are financing. We will read it and reply.
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Submit a Transaction for Preliminary Review
Send company information, requested amount, use of proceeds, repayment source, available collateral, desired closing timeline, and any proposed equity or conversion mechanics.