Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 121

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 121
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 are
also exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors
and principal shareholders are exempt from the reporting and other provisions in Section 16 of the Exchange Act.

The SEC maintains an internet website that contains reports, proxy
and information statements and other information about issuers, like us, that file electronically with the SEC. Our filings with the SEC
are available to the public through the SEC's website (http://www. sec. gov). Our filings with the SEC are also available to the public
via the Israel Securities Authority’s website at http://www. isa. gov. iland the TASE’s
website at http://www. maya. tase. co. il. We also generally make available on our own website
( www. towersemi. com) our quarterly and year-end financial statements as well as other information.
We do not intend for any information contained on our website to be considered part of this annual report, and we have included our website
address in this annual report solely as an inactive textual reference. We will post on our website any materials required to be posted
on such website under applicable corporate or securities laws and regulations, including posting any XBRL interactive financial data required
to be filed with the SEC, and any notices of general meetings of our shareholders.

Any statement in this annual report about any of our contracts
or other documents is not necessarily complete. If the contract or document is filed as an exhibit to this annual report or a registration
statement, the contract or document is deemed to modify the description contained in this annual report. We urge you to review the exhibits
themselves for a complete description of the contract or document.

I. SUBSIDIARY INFORMATION

Not applicable.

J. ANNUAL
REPORT TO SECURITY HOLDERS

Not applicable.

78

ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Risk of Interest Rate Fluctuation

Our cash equivalents and short-term deposits are exposed to market
risk due to fluctuation in interest rates on our cash and deposits, which may affect our interest income. We manage this exposure by performing
ongoing evaluations of our investments in those deposits. Due to the short maturities of our investments, their carrying value approximates
their fair value.

The 2024 JPY Loan (with an outstanding principal of approximately
$100 million as of December 31, 2024) bears annual