Money manager Yorkville is also an investor in Tower Semiconductor.
Orckit Communications Ltd. (Nasdaq: ORCT; TASE: ORCT) has signed a Standby Equity Purchase Agreement (SEPA) with Jersey City-based Yorkville Advisors LLC fund YA Global Master SPV Ltd., which will buy up to $10 million worth of Orckit shares over three years.
Yorkville is also an investor in Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM).
Under the SEPA, YA Global will pay 95.5% of the lowest daily volume weighted average price over the preceding five trading days on Nasdaq following Orckit's advance notice. Orckit may ask YA Global to buy up to $500,000 of Orckit shares at a time, unless the parties agree in advance on a larger amount. YA Global and its affiliates may not own more than 4.99% of Orckit.
Orckit's share price rose 2.5% on Nasdsaq yesterday to $2.85, giving a market cap of $55 million, and rose 5.1% by midday on the TASE today to NIS 11.30.
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2010
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