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Tower Semiconductor Ltd Announces Successful Completion Of Rights Offering

Sunday, 30 Jun 2013 03:00am EDT 

Tower Semiconductor Ltd announced the completion of its previously announced rights offering to eligible security holders. The Company received gross proceeds of $22 million out of maximum possible amount of approximately $24 million offered, representing a 90% participation rate. Israel Corporation Ltd., a major shareholder of the Company, exercised its Rights in full and has further committed to exercise all of its Series 8 warrants on or before July 22, 2013, for an additional investment in TowerJazz of approximately $10 million. total of approximately 1.1 million rights were exercised in the rights offering. Each right is exercisable for four ordinary shares, six short-term Series 8 warrants exercisable at $5.00 per share until July 22, 2013 and five Series 9 warrants exercisable at $7.33 per share until June 27, 2017. Both the Series 8 warrants and the Series 9 warrants will be listed for trade on the Tel Aviv Stock Exchange and its CUSIP numbers are M87915 407 and M87915 415, respectively. 

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19 Dec 2014