By Sheri Kasprzak
New York, March 15 - Tower Semiconductor Ltd. intends to close a $28.952 million private placement.
A group of U.S.-based institutional investors agreed to buy 18.8 million shares at $1.54 each.
The investors also will receive warrants for 9.4 million shares, exercisable at $2.04 each for five years.
Citigroup Global Markets Inc. and C.E. Unterberg, Towbin, LLC were the placement agents.
Tower, based in Migdal Haemek, Israel, manufactures semiconductor integrated circuits.
| Issuer: | Tower Semiconductor Ltd.
|
| Issue: | Stock
|
| Amount: | $28.952 million
|
| Shares: | 18.8 million
|
| Price: | $1.54
|
| Warrants: | For 9.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.04
|
| Placement agents: | Citigroup Global Markets Inc.; C.E. Unterberg, Towbin, LLC
|
| Announcement date: | March 15
|
| Stock symbol: | Nasdaq: TSEM
|
| Stock price: | $1.70 at close March 14
|
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