MIGDAL HAEMEK, Israel, July 18 Tower-Semiconductor-L
MIGDAL HAEMEK, Israel, July 18 /PRNewswire-FirstCall/ -- Tower
Semiconductor Ltd. (NASDAQ: TSEM; TASE: TSEM), a pure-play independent
specialty foundry, announced today that it received a Nasdaq Staff Deficiency
Letter on July 15, 2008 indicating that the Company fails to comply with the
minimum bid price requirement for continued listing set forth in Marketplace
Rule 4450(a)(5). Nasdaq provided Tower with a 180 calendar days period, or
until January 12, 2009, to regain compliance with the minimum bid price
requirement of $1.00 per share. During the coming 180 days period, the
Company's ordinary shares will continue to be listed and traded on the Nasdaq
Global Market under the symbol TSEM, as well as will continue to be listed
and traded on the Tel Aviv Stock Exchange under the same symbol. Further, if
the Company's ordinary shares close at $1.00 per share or more for 10
consecutive business days during that 180 day period, the Nasdaq will provide
a written notification that the Company has achieved compliance with the
minimum bid price requirement and the Company's ordinary shares will continue
to be listed and traded on the Nasdaq Global Market.
If the Company's ordinary shares do not close at $1.00 per share or more
for 10 consecutive business days during that 180 day period, the Company's
ordinary shares may be transferred to be listed and traded at the Nasdaq
Capital Market rather than on the Nasdaq Global Market. Nasdaq rules also
permit the Company to appeal any delisting determination. If accepted for
listing on the Nasdaq Capital Market, the Company would have an additional
180 calendar days period to comply with the minimum bid price requirement, or
until July 10, 2009. If the Company's ordinary shares are transferred to be
listed and traded on the Nasdaq Capital Market, no change will occur in terms
of the continued trading of Tower's ordinary shares and its continued
quotation by Nasdaq, or anticipated to occur from the perspective of the
financial markets, at least to the extent that from their point of view the
trading is transparent whether in The Nasdaq Capital Market or The Nasdaq
Global Market. For avoidance of doubt, this Nasdaq letter does not affect
Tower's listing on the Tel-Aviv Stock Exchange, where Tower's ordinary shares
will continue to be listed and traded under the symbol TSEM with no change.
About Tower Semiconductor Ltd.
Tower Semiconductor Ltd. (Nasdaq: TSEM, TASE: TSEM) is an independent
specialty foundry that delivers customized solutions in a variety of advanced
CMOS technologies, including digital CMOS, mixed-signal and RF (radio
frequency) CMOS, CMOS image sensors, power management devices, and embedded
non-volatile memory solutions. Tower's customer orientation is complemented
by its uncompromising attention to quality and service. Its specialized
processes and engineering expertise provides highly flexible, customized
manufacturing solutions to fulfill the increasing variety of customer needs
worldwide. Boasting two world-class manufacturing facilities with standard
and specialized process technologies ranging from 1.0- to 0.13-micron, Tower
Semiconductor provides exceptional design support and technical services to
help customers sustain long-term, reliable product performance, while
delivering on-time and on-budget results. More information can be found at
http://www.towersemi.com.
Safe Harbor Regarding Forward Looking Statements
This press release includes forward-looking statements, which are subject
to risks and uncertainties. Actual results may vary from those projected or
implied by such forward-looking statements. A complete discussion of risks
and uncertainties that may affect the accuracy of forward-looking statements
included in this press release or which may otherwise affect our business is
included under the heading "Risk Factors" in our most recent filings on Forms
20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange
Commission and the Israel Securities Authority. We do not intend to update,
and expressly disclaim any obligation to update, the information contained in
this release.
Press Contact:
Tower Semiconductor
Limor Asif
+972-4-650-6936
Limoras@towersemi.com
SOURCE Tower Semiconductor Ltd
