# EDGAR Filing Document

**Accession Number:** 0001040470
**File Stem:** 0001654954-23-002939
**Filing Date:** 2023-3
**Character Count:** 12153
**Document Hash:** 1de21338362f77f138a2c6f4bf43e86c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-002939.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001654954-23-002939

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230310

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEHR TEST SYSTEMS
- **CENTRAL INDEX KEY:** 0001040470
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
- **IRS NUMBER:** 942424084
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22893
- **FILM NUMBER:** 23735157

**BUSINESS ADDRESS:**
- **STREET 1:** 400 KATO TERRACE
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94539
- **BUSINESS PHONE:** 5106239400

**MAIL ADDRESS:**
- **STREET 1:** 400 KATO TERRACE
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94539

?xml version="1.0" encoding="utf-8"?aehr_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

![aehr_8kimg7.jpg](aehr_8kimg7.jpg)

**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)

**March 10, 2023**

![aehr_8kimg6.jpg](aehr_8kimg6.jpg)

---

| |
|:---|
| **AEHR TEST SYSTEMS** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **California** | **000-22893** | **94-2424084** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| **400 KATO TERRACE**<br>**<u>FREMONT, CA 94539</u>** | **400 KATO TERRACE**<br>**<u>FREMONT, CA 94539</u>** | **400 KATO TERRACE**<br>**<u>FREMONT, CA 94539</u>** |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |
| **<u>510-623-9400</u>** | **<u>510-623-9400</u>** | **<u>510-623-9400</u>** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| <u>**N/A**</u> | <u>**N/A**</u> | <u>**N/A**</u> |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

---

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 (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <br>**Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange** <br>**on which registered** |
| Common Stock, par value $0.01 per share | AEHR | The NASDAQ Capital Market |

---

**Item 7.01 Regulation FD Disclosure**<br>

On March 10, 2023 Aehr Test Systems (the "Company") became aware of the closure of Silicon Valley Bank ("SVB") by the California Department of Financial Protection and Innovation and the appointment of the Federal Deposit Insurance Corporation ("FDIC") as receiver. Currently, the Company holds $2,370,000 of its cash and cash equivalents with SVB. On March 12, 2023, the Department of the Treasury, the Board of Governors of the Federal Reserve System and the FDIC jointly issued a press release announcing that all depositors in SVB would be fully protected and would have access to all of their money starting March 13, 2023.

The Company maintains a revolving line of credit with SVB under the Loan and Security Agreement by and between the Company and SVB dated January 16, 2020, as amended from time to time (the "LSA"). The terms of the LSA and amendments thereto are summarized in the Company's Quarterly Report on Form 10-Q for the quarter ended November 30, 2022 as well as incorporated by reference as Exhibit 10.1 to the Company's 8-K reports filed with the Securities and Exchange Commission on January 21, 2020, January 20, 2021, January 13, 2022 and January 17, 2023. The LSA provides a revolving credit facility of up to $10.0 million and matures on January 13, 2024. There are no changes to the terms and conditions, nor the ability of the Company to draw against the LSA, as the result of the actions by the FDIC. As of March 14, 2023, the Company has no outstanding balance on its line of credit with SVB and foresees no need to draw on the line in the near future.

On March 10, 2023, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, disclosing its exposure to SVB stating that the Company did not expect any significant impact to its operations.

The information contained in Item 7.01 of this Current Report on Form 8-K is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**<br>

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](aehr_ex991.htm) | [Press Release Issued March 10, 2023](aehr_ex991.htm) |

---

2<br>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Aehr Test Systems (Registrant) | Aehr Test Systems (Registrant) |
| Date: March 15, 2023 | By: | /s/ Kenneth B. Spink |
|  |  | Kenneth B. Spink |
|  |  | Vice President of Finance and |
|  |  | Chief Financial Officer |

---

3<br>

## Exhibit 99.1

**EXHIBIT 99.1**![](aehr_ex991img2.jpg)

---

| | |
|:---|:---|
| **Contacts:**<br>|  |
| **Aehr Test Systems** | **MKR Investor Relations Inc.** |
| Ken Spink | Todd Kehrli or Jim Byers |
| Chief Financial Officer | Analyst/Investor Contact |
| (510) 623-9400 x309 | (213) 277-5550 |
|  | aehr@mkr-group.com |

---

**Aehr Test Systems Comments on Closure of Silicon Valley Bank**

**Fremont, CA (March 10, 2023)** – Aehr Test Systems (NASDAQ: AEHR) (the "Company"), a worldwide supplier of semiconductor test and reliability qualification equipment, today provided comments on the news today of the closure by regulators of Silicon Valley Bank (SVB).

Gayn Erickson, President and CEO of Aehr Test Systems, commented, "There's been a lot of questions related to the closure of SVB today and the exposure of Aehr Test Systems. Aehr Test does have a checking account at SVB with a current balance of under $2.5 million, which is less than 6% of our total of $41.8M in cash and short-term liquid assets. Aehr has over $39.3 million in another financial institution which includes over $9.7 million in cash and $29.6 million in short term US Government backed Treasury Bonds. Aehr has no outstanding balance on its line of credit with Silicon Valley Bank and foresees no need to draw on the line in the near future. Aehr believes that there is no impact to our operations, customers, vendors, or employees. We are taking all appropriate steps to prevent any impact on our operations."

**About Aehr Test Systems**

Headquartered in Fremont, California, Aehr Test Systems is a worldwide provider of test systems for burning-in semiconductor devices in wafer level, singulated die, and package part form, and has installed over 2,500 systems worldwide. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products in package, wafer level, and singulated die/module level test. Aehr Test has developed and introduced several innovative products, including the ABTS<sup>TM</sup> and FOX-P<sup>TM</sup> families of test and burn-in systems and FOX WaferPak<sup>TM</sup> Aligner, FOX WaferPak Contactor, FOX DiePak<sup>®</sup> Carrier and FOX DiePak Loader. The ABTS system is used in production and qualification testing of packaged parts for both lower power and higher power logic devices as well as all common types of memory devices. The FOX-XP and FOX-NP systems are full wafer contact and singulated die/module test and burn-in systems used for burn-in and functional test of complex devices, such as leading-edge silicon carbide-based power semiconductors, memories, digital signal processors, microprocessors, microcontrollers, systems-on-a-chip, and integrated optical devices. The FOX-CP system is a new low-cost single-wafer compact test and reliability verification solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The WaferPak Contactor contains a unique full wafer probe card capable of testing wafers up to 300mm that enables IC manufacturers to perform test and burn-in of full wafers on Aehr Test FOX systems. The DiePak Carrier is a reusable, temporary package that enables IC manufacturers to perform cost-effective final test and burn-in of both bare die and modules. For more information, please visit Aehr Test Systems' website at <u>www.aehr.com</u>.

**Safe Harbor Statement**

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, expectations regarding the use of proceeds, if any, from the ATM offering; and expectations related to long-term demand for Aehr's productions and the attractiveness of key markets. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's most recent annual report on Form 10-K, its subsequent quarterly reports on Form 10-Q and other reports filed from time to time with the SEC. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

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