Tower Semi Raises $15.8 Million From Israeli Investors

September 08, 2009 by Jeff Shepard

Israels’s Tower Semiconductor Ltd. announced that it has raised about (US)$15.8 million from Israel-based institutional investors. In relation to the fundraising, the company said it will issue 15.8 million ordinary shares at about US $1 per share to the investors, representing a 4% premium on the closing price of shares listed on the NASDAQ stock exchange on 2 September.

The investors will also receive warrants to purchase $3.95 million ordinary shares, which will have the same terms as the company’s series six warrants already traded on the Tel Aviv Stock Exchange.

Tower Semiconductor is a global specialty foundry, which manufactures integrated circuits with geometries ranging from 1.0 to 0.13µ and provides complementary technical services and design support.

Tower, along with its fully owned US subsidiary, Jazz Semiconductor Inc., offers a broad range of process technologies including Digital, Mixed-Signal and RFCMOS, HV CMOS, Power Management, Non-Volatile Memory (NVM), Embedded NVM, MEMS, and CMOS Image Sensors.