Company: AEHR
Filing Date: 2025-07-28
Form Type: 10-K
Source: 0001654954-25-008553
Chunk: 397

Company: AEHR TEST SYSTEMS
Filing Date: 2025-07-28
Form: 10-K
Item: Item 2
Chunk 397
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 management conducted an evaluation of the effectiveness of our internal control over financial reporting based upon the framework in “Internal Control – Integrated Framework” (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Our assessment excluded internal control over financial reporting at Incal Technology, Inc, which was acquired on July 31, 2024 and whose revenue constitutes 31.5% of the Company’s consolidated revenue for the year ended May 30, 2025. We will include this acquired entity in our assessment of the effectiveness of internal controls over financial reporting in the fiscal year 2026 annual management report, the annual management report following the first anniversary of the acquisition. Based on our evaluation under the framework set forth in Internal Control — Integrated Framework (2013), our management has concluded that the Company’s internal control over financial reporting was effective as of May 30, 2025.

(c) Changes in internal controls over financial reporting.

There were no changes in our internal controls over financial reporting that occurred during the period covered by this Annual Report on Form 10-K that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Item 9B. Other Information

Change in Fiscal Year

On July 11, 2024, the Board of Directors approved a change in the Company’s fiscal year-end from May 31 to a 4-4-5 fiscal calendar ending on the Friday closest to May 31. The change is being made to better align financial reporting with operational cycles.

The change in fiscal year did not impact the Company’s previously issued consolidated financial statements or tax reporting. The new fiscal year began on June 1, 2024, and ended on May 30, 2025, following the 4-4-5 calendar format. 

Amended and Restated Bylaws

On February 24, 2025, the Board of Directors of the Company approved and adopted the Amended and Restated Bylaws of the Company (the “Amended and Restated Bylaws”), effective immediately. Among other things, the Amended and Restated Bylaws (i) added advance notice provisions for the nomination of directors or the proposal of other business at stockholder meetings, and (ii) made other administrative, modernizing, clarifying, and conforming changes. These changes were previously disclosed in a Form 8-K filed on February 28, 2025. Refer to the 8-K for further details.

Ins