TowerJazz Gets $32M From Sale

Newport Beach-based TowerJazz, the semiconductor foundry, said today that it has received $32M from the sale of its interest in a Chinese IC foundry firm. TowerJazz said it sold its holdings in Hua Hong Semiconductor Limited (HHSL), the parent company of HHNEC, an IC foundry service. TowerJazz said it was advised by Chardan Capital Markets in the sale. The firm had previously owned 10% of HHSL. TowerJazz had announced its intent to sell the stake in HHSL in July.