Tower Semiconductor Announces Public Offering

November 16, 2003 by Jeff Shepard

Tower Semiconductor Ltd. (Migdal Haemek, Israel) announced that it has filed a registration statement with the Securities and Exchange Commission for a public follow-on offering of its ordinary shares. Tower will offer 12,000,000 ordinary shares and has also granted its underwriters a 30-day option to purchase up to an additional 1,800,000 ordinary shares at the public offering price to cover over-allotments, if any.

Tower Semiconductor intends to use the net proceeds from this offering to finance the further ramp-up of its Fab 2 wafer manufacturing facility, and for marketing expenses for the sale of its products and services, as well as for working capital and other general corporate purposes.