Specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) today notified the US Securities and Exchange Commission (SEC) that Nasdaq has approved the company's resumption of trading on the Nasdaq Global Select Market beginning tomorrow, Friday, September 7. The share is currently listed on the Nasdaq Capital Market.
Tower was relegated from the Nasdaq Global Market because its share price fell below $1 for a long time, and it was no longer in compliance with the listing rules. Following the company's 15:1 reverse share split, the company was again in compliance with the Global Market listing rules.
Tower's share price has risen 8.5% so far this week, following a new five-year contract with Vishay Intertechnology Inc. (NYSE: VSH) unit Vishay Siliconix, worth hundreds of millions of dollars, which resulted in favorable recommendations by analysts. Today, Tower announced that its US Aerospace and Defense Division won a Supplier 3 Star Excellence Award from Raytheon Network Centric Systems for the second straight year.
Tower's share price rose 3.8% by mid-afternoon on the TASE to NIS 35.38, after closing at $8.57 on Nasdaq yesterday, giving a market cap of $184 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 6, 2012
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