8-K

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)

January 11, 2022

AEHR TEST SYSTEMS

(Exact name of registrant as specified in its charter)

California	000-22893	94-2424084
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

400 KATO TERRACE
FREMONT, CA 94539

(Address of principal executive offices, including zip code)

510-623-9400

(Registrant’s telephone number, including area code)

 N/A

(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:

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

Item 1.01. Entry into a Material Definitive Agreement.

On January 11, 2022, Aehr Test Systems (the “Company”) entered into the Second Amendment to Loan and Security Agreement (the “Amendment”) with Silicon Valley Bank (the “Lender”) which amended the Loan and Security Agreement dated as of January 13, 2020 and the First Amendment to Loan and Security Agreement dated as of January 14, 2021 with the Lender (the “Loan Agreement”).

The Amendment, among other things, increases the available amount of the Revolving Line (as defined in the Loan Agreement) up to the lesser of (i) $10 million or (ii) the available amount under the Borrowing Base (as defined in the Loan Agreement), allows for borrowing up to $3 million of the available amount based upon Eligible Purchase Orders (as defined in the Loan Agreement), and extends the Revolving Line Maturity Date (as defined in the Loan Agreement) to January 13, 2023. In addition, the Amendment reduces the Applicable Interest Rate (as defined in the Loan Agreement) for Account Advances (as defined in the Loan Agreement) under the Revolving Line to the greater of (a) prime rate plus an additional percentage up to 1.0%, which additional percentage depends on the Company’s Adjusted Quick Ratio (as defined in the Loan Agreement), and (b) 3.25%,; and for Purchase Order Advances (as defined in the Loan Agreement) under the Revolving Line to the greater of (a) prime rate plus an additional percentage up to 1.5%, which additional percentage depends on the Company’s Adjusted Quick Ratio, and (b) 3.75%.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information disclosed in Item 1.01 above is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
10.1	Second Amendment to Loan and Security Agreement dated January 11, 2022 by and between Aehr Test Systems and Silicon Valley Bank.

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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)
Date: January 13, 2022	By:	/s/ Kenneth B. Spink
		Kenneth B. Spink
		Vice President of Finance and
		Chief Financial Officer

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EX-10.1

  EXHIBIT 10.1

 

 

 

 

 

 

 

 

 

 

 

XML

Cover	Jan. 11, 2022
Cover [Abstract]
Entity Registrant Name	AEHR TEST SYSTEMS
Entity Central Index Key	0001040470
Document Type	8-K
Amendment Flag	false
Entity Emerging Growth Company	false
Document Period End Date	Jan. 11, 2022
Entity File Number	000-22893
Entity Incorporation State Country Code	CA
Entity Tax Identification Number	94-2424084
Entity Address Address Line 1	400 KATO TERRACE
Entity Address City Or Town	FREMONT
Entity Address State Or Province	CA
Entity Address Postal Zip Code	94539
City Area Code	510
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Local Phone Number	623-9400
Security 12b Title	Common Stock
Trading Symbol	AEHR
Security Exchange Name	NASDAQ