Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) today notified the TASE that it is offering 742,215 shares to Yorkville Advisors LLC fundYA Global Master SPV Ltd. at $1.21 per share, for a total of $898,000. The deal is at a premium of one cent above Tower's closing price of $1.20 on Nasdaq yesterday, giving a market cap of $192 million.
The offering is part of a Standby Equity Purchasing Agreement (SEPA), under which YA Global will buy up to $25 million of Tower shares.
On August 11, Tower announced that the fund was a new investor in the company. Tower will allot shares to the fund at a 3% discount on their market price as it draws on the equity line.
Ofer Holdings Group subsidiary Israel Corporation (TASE: ILCO) owns 8.9% of Tower.
Tower is the latest investment in Israel by Jersey City-based Yorkville's. Earlier this month, it announced it would provide a three-year equity line of $17 million for Pangaea Real Estate Ltd. (TASE:PNGD), and it is also an investor in Brainsway Ltd. (TASE:BRIN).
Tower's share fell 3.9% by early afternoon on the TASE today to NIS 4.53.
Published by Globes [online], Israel business news - www.globes-online.com - on August 27, 2009
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