Tower Semiconductor Announces Rights Offering
Tower Semiconductor Ltd. (Migdal Haemek, Israel) announced that it currently plans to set September 30, 2002, as the record date for its upcoming rights offering. Tower expects to distribute rights to purchase a total of 6,858,469 ordinary shares and warrants to purchase 3,086,311 ordinary shares to shareholders and employee option holders of record as of 5:00 p.m. on September 30, 2002.
Tower will issue one right for each 4.94 shares owned by record holders as of the record date. Each right will entitle a record holder to purchase one share and 0.45 of a warrant, at a subscription price of $5.00 per right. Each whole warrant will entitle the holder to purchase one share at an exercise price of $7.50 per share. The warrants expire on October 31, 2006.