Israel Corp. exercised its rights in TowerJazz, committing series 8 warrants by July 22. This rights offering would result in US$10 million as additional investment in TowerJazz.

The total righs exercised were 1.1 million or 90% of all available rights, says Russell Elwanger, TowerJazz Chief Executive. Four ordinary shares and series 8 and 9 warrants exercisable for each right. Series 8 warrants were exercisable at US$5.00 per share, while series 9 warrants for US$7.33 per share. The rights offering for these warrants would end on July 22 for series 8 and on June 27, 2017.

In all, TowerJazz was able to raise a total of US$22 million from the rights offering. Regarding the raised funds, Elwanger said "We will continue to focus on analogue technology leadership with strategic steps driving deeper and broader offerings within the industrial mega trends of 1) green everything, 2) wireless everything, and 3) integrated smart systems."