Migdal Haemek, Israel–Tower Semiconductor, an independent wafer manufacturer strategically focused on advanced flash memory and CMOS image sensor technologies, has announced that it will begin trading on the Tel Aviv Stock Exchange (TASE), starting January 10, under the symbol “TOWER”, in addition to its listing on the NASDAQ.
“By taking advantage of the dual listing opportunity, we will make Tower’s shares more accessible to Israeli investors, especially institutional investors and mutual funds that are currently limited in their ability to trade on foreign exchanges. European traders will also benefit from the more convenient trading hours on the TASE,” said Amir Harel, Tower’s CFO. “We expect that the familiarity of the Israeli community with Tower, combined with the extended trading hours will expand both our investor base and the trading volume of Tower’s stock.”
Dual listing was enabled by a new amendment to the Securities Law that became effective in October 2000. The law allows companies whose shares currently trade on U.S. capital markets to be listed on the Tel Aviv Stock Exchange of Israel as well. Dual listed companies continue to be subject to all the rules and regulations of NASDAQ and the U.S. Securities and Exchange Commission. The new TASE reporting requirements for such dual-listed companies are identical to those required by the U.S. Securities and Exchange Commission of foreign companies.