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  <p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON,
  D.C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
  to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of
  earliest event reported):<b><font style="font-weight:bold;">  </font>May&nbsp;19, 2008</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">JAZZ
  TECHNOLOGIES, INC.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant
  as specified in its charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of incorporation)</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-32832</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20-3320580</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
    Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer
    Identification No.)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4321
  Jamboree Road</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Newport
  Beach, California 92660</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal
  executive offices, including Zip Code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone
  number, including area code: <b>(949) 435-8000</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font>
  &nbsp; Written communications pursuant to Rule&nbsp;425 under the Securities
  Act (17 CFR 230.425)</p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
  &nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act
  (17 CFR 240.14a-12)</p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
  &nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Exchange Act (17 CFR 240.14d-2(b))</p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
  &nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Exchange Act (17 CFR 240.13e-4(c))</p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p align="left" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900127\08-14850-1\task2950997\14850-1-ba.htm',USER='c900127',CD='May 20 23:59 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;<b>ITEM 1.01.</b> &nbsp; <b>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</b></font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement and Plan of
  Merger and Reorganization</font></u></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;19, 2008,
  Jazz Technologies,&nbsp;Inc. (the &#147;Company&#148;) entered into an Agreement and Plan
  of Merger and Reorganization (the &#147;Merger Agreement&#148;) with Tower Semiconductor
  Ltd., an Israel company (&#147;Tower&#148;), and Armstrong Acquisition Corp., a Delaware
  corporation and a wholly-owned subsidiary of Tower (&#147;Merger Sub&#148;).</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Merger
  Agreement, Merger Sub will be merged with and into the Company, with the
  Company continuing as the surviving corporation and a wholly-owned subsidiary
  of Tower (the &#147;Merger&#148;).&#160; At the
  effective time of the Merger (the &#147;Effective Time&#148;), each outstanding share of
  common stock of the Company will be converted into the right to receive 1.8
  (the &#147;Exchange Ratio&#148;) ordinary shares of Tower.&#160; Tower will pay cash for any fractional
  shares.&#160; The Merger Agreement provides
  that at the Effective Time, each outstanding option of the Company and each
  outstanding warrant of the Company will be assumed by Tower and will become
  exercisable for ordinary shares of Tower.&#160;
  The number of shares subject to each option and warrant and the
  applicable exercise prices will be adjusted based on the Exchange Ratio.&#160; All other terms of such options and warrants
  will continue after the Effective Time.&#160;
  The board of directors of the Company has approved the Merger Agreement
  and the Merger.</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to the Effective
  Time, Tower will execute a supplemental indenture providing that each holder of
  the Company&#146;s 8% convertible senior notes due 2011 then outstanding will have
  the right to convert such notes into ordinary shares of Tower based upon the
  conversion rate in effect immediately prior to the Effective Time.&#160; The Merger is intended to constitute a
  tax-free reorganization within the meaning of Section&nbsp;368(a)&nbsp;of the Internal
  Revenue Code. The obligations of the parties to consummate the Merger are
  subject to certain conditions in favor of both parties.&#160; The closing of the transactions contemplated
  by the Merger Agreement is expected to take place in the second
  half&nbsp;of&nbsp;calendar 2008.</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing description
  of the Merger Agreement does not purport to be complete and is qualified in its
  entirety by reference to the Merger Agreement, which is filed as an exhibit to
  this Current Report on Form&nbsp;8-K and incorporated herein by reference.&#160; The Merger Agreement has been included to
  provide investors and security holders with information regarding its
  terms.&#160; It is not intended to provide any
  other factual information about the Company or Tower.&#160; The Merger Agreement contains representations
  and warranties the parties thereto made to and solely for the benefit of each
  other.&#160; The assertions embodied in those
  representations and warranties are qualified by information in confidential
  disclosure schedules that the parties have exchanged in connection with signing
  the Merger Agreement.&#160; Accordingly,
  investors and security holders should not rely on the representations and
  warranties as characterizations of the actual state of facts, since they were
  only made as of the date of the Merger Agreement and are modified in important
  part by the underlying disclosure schedules.&#160;
  Moreover, information concerning the subject matter of the
  representations and warranties may change after the date of the Merger
  Agreement, which subsequent information may or may not be fully reflected in
  the Company&#146;s public disclosures.</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
  8.01.</font></b> &nbsp; <b>OTHER EVENTS.</b></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;19,
  2008, the Company and Tower issued a joint press release regarding the
  execution of the Merger Agreement.&#160; The
  press release is filed as an exhibit to this Current Report on Form&nbsp;8-K
  and is incorporated herein by reference.</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Forward-Looking
  Statements</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
  Current Report on Form&nbsp;8-K contains forward-looking statements within the
  meaning of the &#147;safe harbor&#148; provisions of the Private Securities Litigation
  Reform Act of 1995, including statements concerning Tower&#146;s proposed merger
  with Jazz.&#160; These statements are based on
  management&#146;s current expectations and beliefs and are subject to a number of
  risks, uncertainties and assumptions that could cause actual results to differ
  materially from those described in the forward-looking statements.&#160; All statements other than statements of
  historical fact are statements that could be deemed forward-looking statements.
  For example, statements of expected synergies, customer benefits, costs
  savings, financial guidance, the timing of closing, industry ranking, execution
  of integration plans and management and organizational structure are all
  forward-looking statements. The potential risks and </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\c900127\08-14850-1\task2950997\14850-1-ba.htm',USER='c900127',CD='May 20 23:59 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">uncertainties
  include, among others, the possibility that the merger does not close or that
  the closing may be delayed, that expected customer benefits, synergies and
  costs savings will not be achieved or that the companies are unable to
  successfully execute their integration strategies, that the companies may be
  required to modify the terms of the transaction to achieve regulatory approval
  or for other reasons, that prior to or after the closing of the merger, the businesses
  of the companies may suffer due to uncertainty, as well as other risks
  applicable to both Tower&#146;s and Jazz&#146;s business described in the reports filed
  by Tower and Jazz with the Securities and Exchange Commission (the &#147;SEC&#148;) and,
  in the case of Tower, the Israel Securities Authority.&#160; These filings identify and address other
  important factors that could cause Tower&#146;s and Jazz&#146;s respective financial and
  operational results to differ materially from those contained in the
  forward-looking statements set forth in this document. Accordingly, no
  assurances can be given that any of the events anticipated by the
  forward-looking statements will transpire or occur, or if any of them do so,
  what impact they will have on the results of operations or financial condition
  of Tower or Jazz.&#160; Tower and Jazz are
  providing this information as of the date of this Current Report on Form&nbsp;8-K
  and neither Tower nor Jazz undertakes any obligation to update any
  forward-looking statements contained in this Current Report on Form&nbsp;8-K as
  a result of new information, future events or otherwise.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional
  Information about the Proposed Merger and Where to Find It</font></u></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
  connection with the proposed merger, Tower intends to file with the SEC a
  Registration Statement on Form&nbsp;F-4 that will contain a Proxy
  Statement/Prospectus and related materials and Jazz expects to mail to its
  stockholders the final Proxy Statement/Prospectus containing information about
  Tower, Jazz and the proposed merger. INVESTORS AND SECURITY HOLDERS ARE URGED
  TO READ THE PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS,
  CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
  CONTAIN IMPORTANT INFORMATION ABOUT TOWER, JAZZ AND THE PROPOSED MERGER.&#160; Investors and security holders will be able
  to obtain free copies of the Registration Statement on Form&nbsp;F-4, the Proxy
  Statement/Prospectus and other relevant materials and documents filed by Tower
  or Jazz with the SEC, when they become available, through the web site
  maintained by the SEC at www.sec.gov. In addition, investors and security
  holders may obtain free copies of the documents relating to the proposed merger
  filed with the SEC by Tower by directing a request by mail to Tower
  Semiconductor Ltd, P.O.&nbsp;BOX 619, Migdal Haemek, Israel 23105, Attn:
  Investor Relations or by telephone at +972-4-6506936. Investors and security
  holders may obtain free copies of the documents relating to the proposed merger
  filed with the SEC by Jazz by directing a request by mail to Jazz Technologies,&nbsp;Inc.,
  4321 Jamboree Road, Newport Beach, California 92660, Attn: Investor Relations
  or by telephone at +1 415 445-3236.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Tower, Jazz and their respective executive officers and directors,
  under SEC rules, may be deemed to be participants in the solicitation of proxies
  from the stockholders of Jazz in connection with the proposed merger.&#160; Investors and security holders may obtain
  information regarding the special interests of these executive officers and
  directors in the proposed merger by reading the Proxy Statement/Prospectus
  filed with the SEC when it becomes available.&#160;
  Additional information regarding Tower&#146;s executive officers and
  directors is included in Tower&#146;s Form&nbsp;20-F for the year ended December&nbsp;31,
  2006, which was filed with the SEC on June&nbsp;25, 2007.&#160; </font>Additional information regarding the
  executive officers and directors of Jazz is included in Jazz&#146;s Proxy Statement
  for its 2008 Annual Meeting of Stockholders, which was filed with the SEC on April&nbsp;7,
  2008.&#160; </font>These documents are available free of charge at the SEC&#146;s web site at
  www.sec.gov and are also available free of charge from Investor Relations at
  Tower and Jazz by contacting Tower and Jazz as described above.</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\c900127\08-14850-1\task2950997\14850-1-ba.htm',USER='c900127',CD='May 20 23:59 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
  9.01.</font></b> &nbsp; <b>FINANCIAL
  STATEMENTS AND EXHIBITS.</b></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
    <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="87%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:87.74%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.04%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:87.74%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement and Plan of
    Merger and Reorganization by and among Tower Semiconductor Ltd., Armstrong
    Acquisition Corp. and the Registrant, dated as of May&nbsp;19, 2008.</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.04%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.74%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Press Release
    issued May&nbsp;19, 2008.*</font></p>
    </td>
   </tr>
  </table>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Incorporated by
  reference from the Company&#146;s Form&nbsp;425 filed on May&nbsp;20, 2008.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\c900127\08-14850-1\task2950997\14850-1-ba.htm',USER='c900127',CD='May 20 23:59 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
  requirements of the Securities Exchange Act of 1934, as amended, Jazz
  Technologies,&nbsp;Inc. has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Jazz
    Technologies,&nbsp;Inc.</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: May&nbsp;19,
    2008</font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.26%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.08%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Allen R.
    Grogan</font></p>
    </td>
   </tr>
   <tr>
    <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.26%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.08%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allen R. Grogan</font></p>
    </td>
   </tr>
   <tr>
    <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.26%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.08%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Legal Officer and
    Secretary</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\c900127\08-14850-1\task2950997\14850-1-ba.htm',USER='c900127',CD='May 20 23:59 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
  INDEX</font></b></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.04%;">
    <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="87%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:87.74%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.04%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:87.74%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement and Plan of
    Merger and Reorganization by and among Tower Semiconductor Ltd., Armstrong
    Acquisition Corp. and the Registrant, dated as of May&nbsp;19, 2008.</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.04%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.74%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Press Release
    issued May&nbsp;19, 2008.*</font></p>
    </td>
   </tr>
  </table>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;*Incorporated by reference from the Company&#146;s Form&nbsp;425
  filed on May&nbsp;20, 2008.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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metadata_filer: {"company-data": {"conformed-name": "Jazz Technologies, Inc.", "cik": "0001337675", "assigned-sic": "3674", "irs-number": "203014632", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32832", "film-number": "08848512"}, "business-address": {"street1": "4321 JAMBOREE ROAD", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660", "phone": "(949) 435-8000"}, "mail-address": {"street1": "4321 JAMBOREE ROAD", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660"}, "former-company": {"former-conformed-name": "Acquicor Technology Inc", "date-changed": "20050831"}}
text: UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  WASHINGTON,
  D.C. 20549
  FORM 8-K
  CURRENT
  REPORT
  Pursuant
  to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of
  earliest event reported):
  May 19, 2008
  JAZZ
  TECHNOLOGIES, INC.
  (Exact name of registrant
  as specified in its charter)
  Delaware
  (State or other
  jurisdiction of incorporation)
  001-32832
  20-3320580
  (Commission File
    Number)
  (IRS Employer
    Identification No.)
  4321
  Jamboree Road
  Newport
  Beach, California 92660
  (Address of principal
  executive offices, including Zip Code)
  Registrant's telephone
  number, including area code:
  (949) 435-8000
  Check the appropriate box
  below if the Form 8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:
  x
  Written communications pursuant to Rule 425 under the Securities
  Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
  (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))
  ITEM 1.01.
  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
  Agreement and Plan of
  Merger and Reorganization
  On May 19, 2008,
  Jazz Technologies, Inc. (the "Company") entered into an Agreement and Plan
  of Merger and Reorganization (the "Merger Agreement") with Tower Semiconductor
  Ltd., an Israel company ("Tower"), and Armstrong Acquisition Corp., a Delaware
  corporation and a wholly-owned subsidiary of Tower ("Merger Sub").
  Pursuant to the Merger
  Agreement, Merger Sub will be merged with and into the Company, with the
  Company continuing as the surviving corporation and a wholly-owned subsidiary
  of Tower (the "Merger").  At the
  effective time of the Merger (the "Effective Time"), each outstanding share of
  common stock of the Company will be converted into the right to receive 1.8
  (the "Exchange Ratio") ordinary shares of Tower.  Tower will pay cash for any fractional
  shares.  The Merger Agreement provides
  that at the Effective Time, each outstanding option of the Company and each
  outstanding warrant of the Company will be assumed by Tower and will become
  exercisable for ordinary shares of Tower. 
  The number of shares subject to each option and warrant and the
  applicable exercise prices will be adjusted based on the Exchange Ratio.  All other terms of such options and warrants
  will continue after the Effective Time. 
  The board of directors of the Company has approved the Merger Agreement
  and the Merger.
  Prior to the Effective
  Time, Tower will execute a supplemental indenture providing that each holder of
  the Company's 8% convertible senior notes due 2011 then outstanding will have
  the right to convert such notes into ordinary shares of Tower based upon the
  conversion rate in effect immediately prior to the Effective Time.  The Merger is intended to constitute a
  tax-free reorganization within the meaning of Section 368(a) of the Internal
  Revenue Code. The obligations of the parties to consummate the Merger are
  subject to certain conditions in favor of both parties.  The closing of the transactions contemplated
  by the Merger Agreement is expected to take place in the second
  half of calendar 2008.
  The foregoing description
  of the Merger Agreement does not purport to be complete and is qualified in its
  entirety by reference to the Merger Agreement, which is filed as an exhibit to
  this Current Report on Form 8-K and incorporated herein by reference.  The Merger Agreement has been included to
  provide investors and security holders with information regarding its
  terms.  It is not intended to provide any
  other factual information about the Company or Tower.  The Merger Agreement contains representations
  and warranties the parties thereto made to and solely for the benefit of each
  other.  The assertions embodied in those
  representations and warranties are qualified by information in confidential
  disclosure schedules that the parties have exchanged in connection with signing
  the Merger Agreement.  Accordingly,
  investors and security holders should not rely on the representations and
  warranties as characterizations of the actual state of facts, since they were
  only made as of the date of the Merger Agreement and are modified in important
  part by the underlying disclosure schedules. 
  Moreover, information concerning the subject matter of the
  representations and warranties may change after the date of the Merger
  Agreement, which subsequent information may or may not be fully reflected in
  the Company's public disclosures.
  ITEM
  8.01.
  OTHER EVENTS.
  On May 19,
  2008, the Company and Tower issued a joint press release regarding the
  execution of the Merger Agreement.  The
  press release is filed as an exhibit to this Current Report on Form 8-K
  and is incorporated herein by reference.
  Forward-Looking
  Statements
  This
  Current Report on Form 8-K contains forward-looking statements within the
  meaning of the "safe harbor" provisions of the Private Securities Litigation
  Reform Act of 1995, including statements concerning Tower's proposed merger
  with Jazz.  These statements are based on
  management's current expectations and beliefs and are subject to a number of
  risks, uncertainties and assumptions that could cause actual results to differ
  materially from those described in the forward-looking statements.  All statements other than statements of
  historical fact are statements that could be deemed forward-looking statements.
  For example, statements of expected synergies, customer benefits, costs
  savings, financial guidance, the timing of closing, industry ranking, execution
  of integration plans and management and organizational structure are all
  forward-looking statements. The potential risks and
  2
  uncertainties
  include, among others, the possibility that the merger does not close or that
  the closing may be delayed, that expected customer benefits, synergies and
  costs savings will not be achieved or that the companies are unable to
  successfully execute their integration strategies, that the companies may be
  required to modify the terms of the transaction to achieve regulatory approval
  or for other reasons, that prior to or after the closing of the merger, the businesses
  of the companies may suffer due to uncertainty, as well as other risks
  applicable to both Tower's and Jazz's business described in the reports filed
  by Tower and Jazz with the Securities and Exchange Commission (the "SEC") and,
  in the case of Tower, the Israel Securities Authority.  These filings identify and address other
  important factors that could cause Tower's and Jazz's respective financial and
  operational results to differ materially from those contained in the
  forward-looking statements set forth in this document. Accordingly, no
  assurances can be given that any of the events anticipated by the
  forward-looking statements will transpire or occur, or if any of them do so,
  what impact they will have on the results of operations or financial condition
  of Tower or Jazz.  Tower and Jazz are
  providing this information as of the date of this Current Report on Form 8-K
  and neither Tower nor Jazz undertakes any obligation to update any
  forward-looking statements contained in this Current Report on Form 8-K as
  a result of new information, future events or otherwise.
  Additional
  Information about the Proposed Merger and Where to Find It
  In
  connection with the proposed merger, Tower intends to file with the SEC a
  Registration Statement on Form F-4 that will contain a Proxy
  Statement/Prospectus and related materials and Jazz expects to mail to its
  stockholders the final Proxy Statement/Prospectus containing information about
  Tower, Jazz and the proposed merger. INVESTORS AND SECURITY HOLDERS ARE URGED
  TO READ THE PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS,
  CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
  CONTAIN IMPORTANT INFORMATION ABOUT TOWER, JAZZ AND THE PROPOSED MERGER.  Investors and security holders will be able
  to obtain free copies of the Registration Statement on Form F-4, the Proxy
  Statement/Prospectus and other relevant materials and documents filed by Tower
  or Jazz with the SEC, when they become available, through the web site
  maintained by the SEC at www.sec.gov. In addition, investors and security
  holders may obtain free copies of the documents relating to the proposed merger
  filed with the SEC by Tower by directing a request by mail to Tower
  Semiconductor Ltd, P.O. BOX 619, Migdal Haemek, Israel 23105, Attn:
  Investor Relations or by telephone at +972-4-6506936. Investors and security
  holders may obtain free copies of the documents relating to the proposed merger
  filed with the SEC by Jazz by directing a request by mail to Jazz Technologies, Inc.,
  4321 Jamboree Road, Newport Beach, California 92660, Attn: Investor Relations
  or by telephone at +1 415 445-3236.
  Tower, Jazz and their respective executive officers and directors,
  under SEC rules, may be deemed to be participants in the solicitation of proxies
  from the stockholders of Jazz in connection with the proposed merger.  Investors and security holders may obtain
  information regarding the special interests of these executive officers and
  directors in the proposed merger by reading the Proxy Statement/Prospectus
  filed with the SEC when it becomes available. 
  Additional information regarding Tower's executive officers and
  directors is included in Tower's Form 20-F for the year ended December 31,
  2006, which was filed with the SEC on June 25, 2007.
  Additional information regarding the
  executive officers and directors of Jazz is included in Jazz's Proxy Statement
  for its 2008 Annual Meeting of Stockholders, which was filed with the SEC on April 7,
  2008.
  These documents are available free of charge at the SEC's web site at
  www.sec.gov and are also available free of charge from Investor Relations at
  Tower and Jazz by contacting Tower and Jazz as described above.
  3
  ITEM
  9.01.
  FINANCIAL
  STATEMENTS AND EXHIBITS.
  Exhibit No.
  Description
  2.1
  Agreement and Plan of
    Merger and Reorganization by and among Tower Semiconductor Ltd., Armstrong
    Acquisition Corp. and the Registrant, dated as of May 19, 2008.
  99.1
  Joint Press Release
    issued May 19, 2008.*
  *Incorporated by
  reference from the Company's Form 425 filed on May 20, 2008.
  4
  SIGNATURES
  Pursuant to the
  requirements of the Securities Exchange Act of 1934, as amended, Jazz
  Technologies, Inc. has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.
  Jazz
    Technologies, Inc.
  Dated: May 19,
    2008
  By:
  /s/ Allen R.
    Grogan
  Allen R. Grogan
  Chief Legal Officer and
    Secretary
  5
  EXHIBIT
  INDEX
  Exhibit No.
  Description
  2.1
  Agreement and Plan of
    Merger and Reorganization by and among Tower Semiconductor Ltd., Armstrong
    Acquisition Corp. and the Registrant, dated as of May 19, 2008.
  99.1
  Joint Press Release
    issued May 19, 2008.*
  *Incorporated by reference from the Company's Form 425
  filed on May 20, 2008.
  6