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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aehr Test Systems | NASDAQ:AEHR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 0.69% | 11.72 | 11.60 | 11.82 | 11.935 | 11.63 | 11.75 | 595,445 | 00:13:18 |
CALIFORNIA
|
94-2424084
|
(State
or other jurisdiction of
|
(IRS
Employer Identification Number)
|
incorporation
or organization)
|
|
|
|
400 KATO TERRACE, FREMONT, CA
|
94539
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large accelerated
filer [ ]
|
Accelerated
filer [ ]
|
|
|
Non-accelerated
filer [ ]
|
Smaller
reporting company [X]
|
(Do not check if a
smaller reporting company)
|
|
|
|
Emerging growth
company [ ]
|
|
Item
1. Business
|
4
|
Item
1A. Risk Factors
|
9
|
Item
1B. Unresolved Staff Comments
|
16
|
Item 2.
Properties
|
16
|
Item
3. Legal Proceedings
|
16
|
Item
4. Mine Safety Disclosures
|
16
|
|
|
|
|
PART II
|
|
|
|
Item 5.
Market for Registrant’s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity
Securities
|
17
|
Item
6. Selected Consolidated Financial
Data
|
18
|
Item
7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations
|
20
|
Item
7A. Quantitative and Qualitative Disclosures about Market
Risk
|
26
|
Item
8. Financial Statements and Supplementary
Data
|
27
|
Item
9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure
|
54
|
Item
9A. Controls and Procedures
|
54
|
Item
9B. Other Information
|
54
|
|
|
|
|
PART III
|
|
|
|
Item
10. Directors, Executive Officers and Corporate
Governance
|
55
|
Item
11. Executive Compensation
|
55
|
Item
12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
|
55
|
Item
13. Certain Relationships and Related Transactions
|
55
|
Item
14. Principal Accountant Fees and Services
|
55
|
|
|
|
|
PART IV
|
|
|
|
Item
15. Exhibits, Financial Statement Schedules
|
56
|
|
|
|
|
Signatures
|
60
|
|
High
|
Low
|
Fiscal
2018:
|
|
|
First
quarter ended August 31, 2017
|
$
4.60
|
$
2.62
|
Second
quarter ended November 30, 2017
|
4.10
|
2.50
|
Third
quarter ended February 28, 2018
|
3.37
|
2.16
|
Fourth
quarter ended May 31, 2018
|
2.80
|
2.12
|
|
|
|
Fiscal
2017:
|
|
|
First
quarter ended August 31, 2016
|
$
3.42
|
$
0.96
|
Second
quarter ended November 30, 2016
|
3.58
|
2.05
|
Third
quarter ended February 28, 2017
|
5.28
|
2.15
|
Fourth
quarter ended May 31, 2017
|
6.10
|
3.37
|
|
Payments Due by Period (in thousands)
|
||||
|
|
Less than
|
1-3
|
3-5
|
More than
|
|
Total
|
1 year
|
years
|
years
|
5 years
|
Operating Leases
|
$
3,868
|
$
664
|
$
1,504
|
$
1,567
|
$
133
|
Convertible Notes
|
6,110
|
6,110
|
--
|
--
|
--
|
Interest on Convertible Notes
(1)
|
610
|
610
|
--
|
--
|
--
|
Purchases (2)
|
2,488
|
2,488
|
--
|
--
|
--
|
Total
|
$
13,076
|
$
9,872
|
$
1,504
|
$
1,567
|
$
133
|
Consolidated
Financial Statements of Aehr Test Systems
|
|
|
|
Report
of Independent Registered Public Accounting Firm
|
28
|
|
|
Consolidated
Balance Sheets at May 31, 2018 and 2017
|
29
|
|
|
Consolidated
Statements of Operations for the years ended May 31, 2018, 2017 and
2016
|
30
|
|
|
Consolidated
Statements of Comprehensive Income (Loss) for the years ended May
31, 2018, 2017 and 2016
|
31
|
|
|
Consolidated
Statements of Shareholders' Equity (Deficit) for the years ended
May 31, 2018, 2017 and 2016
|
32
|
|
|
Consolidated
Statements of Cash Flows for the years ended May 31, 2018, 2017 and
2016
|
33
|
|
|
Notes to Consolidated Financial Statements
|
34
|
|
Year Ended May 31,
|
||
|
2018
|
2017
|
2016
|
|
|
|
|
Net sales
|
$
29,555
|
$
18,898
|
$
14,501
|
Cost of sales
|
17,169
|
12,118
|
9,356
|
Gross profit
|
12,386
|
6,780
|
5,145
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
7,290
|
7,052
|
6,975
|
Research and development
|
4,181
|
4,657
|
4,324
|
|
|
|
|
Total operating
expenses
|
11,471
|
11,709
|
11,299
|
|
|
|
|
Income (loss) from
operations
|
915
|
(4,929
)
|
(6,154
)
|
|
|
|
|
Interest expense
|
(399
)
|
(678
)
|
(605
)
|
Other expense, net
|
(61
)
|
(21
)
|
(16
)
|
|
|
|
|
Income (loss) before income tax benefit
(expense)
|
455
|
(5,628
)
|
(6,775
)
|
|
|
|
|
Income tax benefit (expense)
|
73
|
(25
)
|
(10
)
|
Net income (loss)
|
528
|
(5,653
)
|
(6,785
)
|
Less:
Net income attributable to the noncontrolling interest
|
--
|
--
|
--
|
|
|
|
|
Net
income (loss) attributable to Aehr Test Systems common
shareholders
|
$
528
|
$
(5,653
)
|
$
(6,785
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share – basic and
diluted
|
$
0.02
|
$
(0.35
)
|
$
(0.52
)
|
Shares used in per share calculation –
basic
|
21,732
|
16,267
|
13,091
|
Shares used in per share calculation –
diluted
|
22,782
|
16,267
|
13,091
|
|
Year Ended May 31,
|
||
|
2018
|
2017
|
2016
|
|
|
|
|
Net income
(loss)
|
$
528
|
$
(5,653
)
|
$
(6,785
)
|
|
|
|
|
Other comprehensive
income, net of tax: Foreign currency translation
income
|
42
|
13
|
4
|
|
|
|
|
Total comprehensive
income (loss)
|
570
|
(5,640
)
|
(6,781
)
|
Less: Comprehensive
(loss) income attributable to noncontrolling interest
|
(1
)
|
1
|
(2
)
|
|
|
|
|
Comprehensive
income (loss)
, attributable to Aehr
Test Systems
|
$
571
|
$
(5,641
)
|
$
(6,779
)
|
|
Year Ended May 31,
|
||
|
2018
|
2017
|
2016
|
Cash
flows from operating activities:
|
|
|
|
Net income (loss)
|
$
528
|
$
(5,653
)
|
$
(6,785
)
|
Adjustments
to reconcile net income (loss) to net cash used in
operating
activities:
|
|
|
|
Stock-based compensation
expense
|
996
|
999
|
1,016
|
(Recovery of) provision
for doubtful accounts
|
(58
)
|
53
|
(13
)
|
Loss on disposal of
asset
|
--
|
--
|
2
|
Amortization of debt
issuance costs
|
--
|
148
|
177
|
Depreciation and
amortization
|
417
|
271
|
203
|
Changes
in operating assets and liabilities:
|
|
|
|
Accounts
receivable
|
1,260
|
(3,507
)
|
887
|
Inventories
|
(2,073
)
|
430
|
70
|
Prepaid
expenses and other
|
59
|
(707
)
|
9
|
Accounts
payable
|
(1,095
)
|
1,686
|
564
|
Accrued
expenses
|
62
|
53
|
539
|
Customer
deposits and deferred revenue
|
(1,482
)
|
1,730
|
(2,909
)
|
Deferred
rent
|
63
|
--
|
--
|
Income taxes
payable
|
(28
)
|
2
|
(41
)
|
Net
cash used in operating activities
|
(1,351
)
|
(4,495
)
|
(6,281
)
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
Purchases of property and
equipment
|
(572
)
|
(477
)
|
(919
)
|
Net
cash used in investing activities
|
(572
)
|
(477
)
|
(919
)
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
Line of credit borrowings
(repayments), net
|
--
|
--
|
2,000
|
Proceeds from issuance of
convertible notes, net
|
--
|
--
|
(6
)
|
Proceeds
from issuance of common stock under public offering, net of
issuance costs
|
--
|
15,832
|
--
|
Proceeds
from issuance of common stock under private placement, net of
issuance costs
|
--
|
5,299
|
--
|
Proceeds from issuance of
common stock under employee plans
|
925
|
704
|
512
|
Net
cash provided by financing activities
|
925
|
21,835
|
2,506
|
|
|
|
|
Effect
of exchange rates on cash and cash equivalents
|
43
|
1
|
106
|
|
|
|
|
Net
(decrease) increase in cash and
cash
equivalents
|
(955
)
|
16,864
|
(4,588
)
|
|
|
|
|
Cash and cash equivalents, beginning of
year
|
17,803
|
939
|
5,527
|
Cash and cash equivalents, end of
year
|
$
16,848
|
$
17,803
|
$
939
|
|
|
|
|
Supplemental
cash flow information:
|
|
|
|
Cash
paid during the year for:
|
|
|
|
Income
taxes
|
$
37
|
$
18
|
$
47
|
Interest
|
$
550
|
$
516
|
$
302
|
|
|
|
|
Supplemental
disclosure of non-cash flow information:
|
|
|
|
Net
change in capitalized stock-based compensation
|
$
--
|
$
--
|
$
(20
)
|
Line
of credit converted to convertible notes
|
$
--
|
$
--
|
$
2,000
|
Fair
value of common stock issued to settle accounts
payable
|
$
--
|
$
323
|
$
--
|
Furniture
and fixtures
|
2 to 6
years
|
Machinery
and equipment
|
3 to 6
years
|
Test
equipment
|
4 to 6
years
|
|
Cost
|
Gross Unrealized Loss
|
Estimated Fair Value
|
|
|
|
|
Cash
|
$
3,132
|
$
--
|
$
3,132
|
Cash
equivalents:
|
|
|
|
Money
market funds
|
7,733
|
--
|
7,733
|
U.S.
Treasury securities
|
5,983
|
--
|
5,983
|
Total
Cash equivalents
|
13,716
|
--
|
13,716
|
Total
Cash and Cash equivalents
|
$
16,848
|
$
--
|
$
16,848
|
Long-term
investments:
|
|
|
|
Certificate
of deposit
|
$
80
|
$
--
|
$
80
|
Total
Cash, Cash equivalents and Investments
|
$
16,928
|
$
--
|
$
16,928
|
|
Cost
|
Gross Unrealized Loss
|
Estimated Fair Value
|
|
|
|
|
Cash
|
$
2,287
|
$
--
|
$
2,287
|
Cash
equivalents:
|
|
|
|
Money
market funds
|
15,516
|
--
|
15,516
|
Total
Cash equivalents
|
15,516
|
--
|
15,516
|
Total
Cash and Cash equivalents
|
$
17,803
|
$
--
|
$
17,803
|
Long-term
investments:
|
|
|
|
Certificate
of deposit
|
$
50
|
$
--
|
$
50
|
Total
Cash, Cash equivalents and Investments
|
$
17,853
|
$
--
|
$
17,853
|
|
Balance as of
|
|
|
|
|
May 31, 2018
|
Level 1
|
Level 2
|
Level 3
|
Money market funds
|
$
7,733
|
$
7,733
|
$
--
|
$
--
|
U.S. Treasury securities
|
5,983
|
5,983
|
--
|
--
|
Certificate of deposit
|
80
|
--
|
80
|
--
|
Assets
|
$
13,796
|
$
13,716
|
$
80
|
$
--
|
|
Balance as of
|
|
|
|
|
May 31, 2017
|
Level 1
|
Level 2
|
Level 3
|
Money market funds
|
$
15,516
|
$
15,516
|
$
--
|
$
--
|
Certificate of deposit
|
50
|
--
|
50
|
--
|
Assets
|
$
15,566
|
$
15,516
|
$
50
|
$
--
|
|
May 31,
|
|
|
2018
|
2017
|
Accounts receivable
|
$
2,860
|
$
4,071
|
Less: Allowance for doubtful accounts
|
(4
)
|
(61
)
|
|
$
2,856
|
$
4,010
|
|
|
Additions
|
|
|
|
Balance at
|
charged to
|
|
Balance
|
|
beginning
|
costs and
|
|
at end
|
|
of year
|
expenses
|
Deductions*
|
of year
|
Allowance
for doubtful accounts receivable:
|
|
|
|
|
May
31, 2018
|
$
61
|
$
4
|
$
(61
)
|
$
4
|
|
|
|
|
|
May
31, 2017
|
$
8
|
$
53
|
$
--
|
$
61
|
|
May 31,
|
|
(In
Thousands)
|
2018
|
2017
|
Raw materials and
sub-assemblies
|
$
5,747
|
$
4,268
|
Work in process
|
3,068
|
2,059
|
Finished goods
|
234
|
277
|
|
$
9,049
|
$
6,604
|
|
May 31,
|
|
(In
Thousands)
|
2018
|
2017
|
Leasehold improvements
|
$
1,154
|
$
1,145
|
Furniture and fixtures
|
984
|
974
|
Machinery and equipment
|
2,865
|
3,035
|
Test equipment
|
2,595
|
2,268
|
|
|
|
|
7,598
|
7,422
|
Less:
Accumulated depreciation
and amortization
|
(6,395
)
|
(6,003
)
|
|
$
1,203
|
$
1,419
|
|
May 31,
|
|
(In
Thousands)
|
2018
|
2017
|
Payroll related
|
$
1,014
|
$
934
|
Professional services
|
163
|
161
|
Accrued interest
|
139
|
139
|
Warranty
|
135
|
113
|
Commissions and bonuses
|
101
|
125
|
Taxes payable
|
34
|
69
|
Investor relations
|
19
|
25
|
Other
|
41
|
43
|
|
$
1,646
|
$
1,609
|
|
May 31,
|
|
(In
Thousands)
|
2018
|
2017
|
Customer deposits
|
$
1,340
|
$
3,264
|
Deferred revenue
|
290
|
203
|
|
$
1,630
|
$
3,467
|
|
Year Ended May 31,
|
||
|
2018
|
2017
|
2016
|
Domestic
|
$
433
|
$
(5,663
)
|
$
(6,794
)
|
Foreign
|
22
|
35
|
19
|
|
$
455
|
$
(5,628
)
|
$
(6,775
)
|
Beginning balance as of May 31,
2015
|
$
919
|
Decreases related to prior year tax
positions
|
(124
)
|
Decreases related to lapse of statute of
limitations
|
(6
)
|
|
|
Balance at May 31, 2016
|
$
789
|
|
|
Decreases related to prior year tax
positions
|
--
|
Decreases related to lapse of statute of
limitations
|
--
|
|
|
Balance at May 31, 2017
|
$
789
|
|
|
Increases related to prior year tax
positions
|
889
|
Increases related to current year tax
positions
|
107
|
|
|
Balance at May 31, 2018
|
$
1,785
|
|
Cumulative Translation Adjustments
|
Unrealized Loss on Investments, Net
|
Total
|
|
|
|
|
Balance
at May 31, 2016
|
$
2,237
|
$
--
|
$
2,237
|
Other comprehensive income (loss) before
reclassification
|
12
|
--
|
12
|
Amounts reclassified out of AOCI
|
--
|
--
|
--
|
Other comprehensive income (loss), net of tax
|
12
|
--
|
12
|
Balance
at May 31, 2017
|
$
2,249
|
$
--
|
$
2,249
|
Other comprehensive income (loss) before
reclassifications
|
43
|
--
|
43
|
Amounts reclassified out of AOCI
|
--
|
--
|
--
|
Other comprehensive income (loss), net of tax
|
43
|
--
|
43
|
Balance
at May 31, 2018
|
$
2,292
|
$
--
|
$
2,292
|
|
Year End May 31,
|
||||
|
2018
|
|
2017
|
|
2016
|
Employee stock purchase plan shares
|
|
|
|
|
|
Expected term (in years)
|
0.5 – 2.0
|
|
0.5 – 2.0
|
|
0.5 – 2.0
|
Volatility
|
0.56 – 0.81
|
|
0.79 – 1.08
|
|
0.64 – 0.74
|
Risk-free interest rates
|
1.92%–2.25%
|
|
0.48%–0.80%
|
|
0.40%–0.76%
|
Weighted-average grant date fair value
|
$1.01
|
|
$1.65
|
|
$0.80
|
|
Available
|
|
Shares
|
Balances, May 31, 201
5
|
845
|
|
|
Additional shares reserved
|
800
|
Options granted
|
(92
)
|
RSUs granted
|
(35
)
|
Options terminated
|
329
|
|
|
Balances, May 31, 2016
|
1,847
|
|
|
Additional shares reserved
|
2,238
|
Options granted
|
(368
)
|
RSUs granted
|
(157
)
|
Options terminated
|
55
|
Plan shares expired
|
(1,446
)
|
|
|
Balances, May 31, 2017
|
2,169
|
|
|
Options granted
|
(338
)
|
RSUs granted
|
(64
)
|
RSUs cancelled
|
33
|
Options terminated
|
16
|
Plan shares expired
|
(4
)
|
|
|
Balances, May 31, 2018
|
1,812
|
|
Outstanding Options
|
||
|
|
Weighted
|
|
|
Number
|
Average
|
Aggregate
|
|
of
|
Exercise
|
Intrinsic
|
|
Shares
|
Price
|
Value
|
Balances, May 31, 2015
|
3,686
|
$
1.66
|
$
2,946
|
|
|
|
|
Options granted
|
92
|
$
2.12
|
|
Options terminated
|
(329
)
|
$
1.93
|
|
Options exercised
|
(248
)
|
$
1.34
|
|
|
|
|
|
Balances, May 31, 2016
|
3,201
|
$
1.66
|
$
189
|
|
|
|
|
Options granted
|
368
|
$
1.83
|
|
Options terminated
|
(55
)
|
$
1.42
|
|
Options exercised
|
(440
)
|
$
1.35
|
|
|
|
|
|
Balances, May 31, 2017
|
3,074
|
$
1.73
|
$
8,763
|
|
|
|
|
Options granted
|
338
|
$
3.56
|
|
Options terminated
|
(16
)
|
$
2.72
|
|
Options exercised
|
(537
)
|
$
1.17
|
|
|
|
|
|
Balances, May 31, 2018
|
2,859
|
$
2.04
|
$
1,987
|
|
|
|
|
Options fully vested and expected to vest
at May 31,
2018
|
2,825
|
$
2.04
|
$
1,976
|
|
Options
Outstanding
|
Options
Exercisable
|
|||||
|
at May 31,
2018
|
at May 31,
2018
|
|||||
Range of
Exercise
Prices
|
Number
Outstanding Shares
|
Weighted Average
Remaining Contractual Life (Years)
|
Weighted Average
Exercise Price
|
Number
Exercisable Shares
|
Weighted Average
Remaining Contractual Life (Years)
|
Weighted Average
Exercise Price
|
Aggregate
Intrinsic Value
|
$
0.59-$0.97
|
299
|
0.77
|
$
0.67
|
299
|
0.77
|
$
0.67
|
|
$
1.09-$1.36
|
557
|
1.64
|
$
1.28
|
556
|
1.64
|
$
1.28
|
|
$
1.68-$2.06
|
483
|
4.23
|
$
1.74
|
314
|
3.73
|
$
1.78
|
|
$
2.10-$2.81
|
1,257
|
3.68
|
$
2.45
|
1,073
|
3.49
|
$
2.47
|
|
$
3.46-$3.93
|
263
|
6.16
|
$
3.86
|
70
|
6.21
|
$
3.77
|
|
|
|
|
|
|
|
|
|
$
0.59-$3.93
|
2,859
|
3.30
|
$
2.04
|
2,312
|
2.81
|
$
1.89
|
$
1,778
|
|
Year Ended May 31,
|
||
|
2018
|
2017
|
2016
|
Foreign exchange (loss) gain
|
$
(63
)
|
$
(21
)
|
$
(19
)
|
Other income, net
|
2
|
--
|
3
|
|
$
(61
)
|
$
(21
)
|
$
(16
)
|
|
United
|
|
|
|
|
States
|
Asia
|
Europe
|
Total
|
2018:
|
|
|
|
|
Net sales
|
$
8,446
|
$
19,973
|
$
1,136
|
$
29,555
|
Property and equipment,
net
|
1,156
|
40
|
7
|
1,203
|
|
|
|
|
|
2017:
|
|
|
|
|
Net sales
|
$
7,762
|
$
10,439
|
$
697
|
$
18,898
|
Property and equipment,
net
|
1,364
|
40
|
15
|
1,419
|
|
|
|
|
|
2016:
|
|
|
|
|
Net sales
|
$
2,957
|
$
10,228
|
$
1,316
|
$
14,501
|
Property and equipment, net
|
1,151
|
39
|
14
|
1,204
|
|
Three Months Ended
|
|||
|
Aug. 31,
|
Nov. 30,
|
Feb. 28,
|
May 31,
|
|
2017
|
2017
|
2018
|
2018
|
Net sales
|
$
6,970
|
$
7,923
|
$
7,393
|
$
7,269
|
Gross profit
|
$
2,918
|
$
3,131
|
$
3,176
|
$
3,161
|
Net income
|
$
10
|
$
60
|
$
267
|
$
191
|
Net income per share basic and diluted
|
$
0.00
|
$
0.00
|
$
0.01
|
$
0.01
|
|
Three Months Ended
|
|||
|
Aug. 31,
|
Nov. 30,
|
Feb. 28,
|
May 31,
|
|
2016
|
2016
|
2017
|
2017
|
Net sales
|
$
5,318
|
$
4,216
|
$
2,681
|
$
6,683
|
Gross profit
|
$
2,206
|
$
1,463
|
$
503
|
$
2,608
|
Net loss
|
$
(755
)
|
$
(1,452
)
|
$
(2,651
)
|
$
(795
)
|
Net loss per share basic and diluted
|
$
(0.06
)
|
$
(0.09
)
|
$
(0.16
)
|
$
(0.04
)
|
Exhibit No.
|
|
Description
|
3.1
(1)
|
|
Restated Articles of Incorporation of Registrant.
|
3.2
(2)
|
|
Amended and Restated Bylaws of Registrant.
|
4.1
(3)
|
|
Form of Common Stock certificate.
|
4.2
(4)
|
|
Convertible Note Purchase and Credit Facility Agreement, dated
April 10, 2015, by and among Aehr Test Systems, QVT Fund LP and
Quintessence Fund L.P.
|
4.3
(5)
|
|
Amendment to Convertible Note Purchase and Credit Facility
Agreement and 9.0% Notes, dated August 22, 2016, by and among Aehr
Test Systems, QVT Fund LP and Quintessence Fund L.P.
|
|
Form of 9.0% Convertible Secured Note due 2017 (included in Exhibit
4.2)
|
|
|
Form of 5.0% Secured Revolving Credit Note (included in Exhibit
4.2)
|
|
4.6
(6)
|
|
Registration Rights Agreement, dated April 10, 2015, by and among
Aehr Test Systems, QVT Fund LP and Quintessence Fund
L.P.
|
4.7
(7)
|
|
Registration Rights Agreement by and among the Company and the
Investors (as defined therein), dated as of September 22,
2016.
|
10.1
(8)
|
|
2006 Equity Incentive Plan.*
|
10.2
(9)
|
|
Amended and Restated 2006 Employee Stock Purchase
Plan.*
|
10.3
(10)
|
|
2016 Equity Incentive Plan.*
|
10.4
(11)
|
|
Form of Indemnification Agreement entered into between Registrant
and its directors and executive officers.*
|
10.5
(12)
|
|
Form of Change of Control Agreement.*
|
10.6(
13)
|
|
Lease dated August 3, 1999 for facilities located at Building C,
400 Kato Terrace, Fremont, California.
|
10.6.1
(14)
|
|
First Amendment dated May 06, 2008 for facilities located at 400
Kato Terrace, Fremont, California.
|
10.6.2
(15)
|
|
Second Amendment dated November 7, 2014 for facilities located at
400 Kato Terrace, Fremont, California.
|
10.6.3
(16)
|
|
Third Amendment dated February 27, 2018 for facilities located at
400 Kato Terrace, Fremont, California.
|
10.10
(17)
|
|
Offer Letter dated January 3, 2012, between the Company and Gayn
Erickson.*
|
10.11
(18)
|
|
Offer Letter dated March 5, 2013, between the Company and Rhea
Posedel.*
|
10.12
(19)
|
|
Change of Control Severance Agreement dated January 3, 2012,
between the Company and Gayn Erickson.*
|
10.13
(20)
|
|
Amended and Restated Change of Control Severance Agreement dated
March 5, 2013, between the Company and Rhea J.
Posedel.*
|
10.14
(21)
|
|
Security Agreement, dated April 10, 2015, by and among Aehr Test
Systems, QVT Fund LP and Quintessence Fund L.P.
|
10.15
(22)
|
|
Form of 2006 Equity Incentive Plan Stock Option Award
Agreement.*
|
10.16
(23)
|
|
Form of 2006 Equity Incentive Plan Restricted Stock Unit
Award.*
|
10.17
(24)
|
|
Form of 2016 Equity Incentive Plan Stock Option Award
Agreement.*
|
10.18
(25)
|
|
Form of 2016 Equity Incentive Plan Restricted Stock Unit
Award.*
|
10.19
(26)
|
|
Purchase Agreement by and among the Company and the Investors (as
defined therein), dated as of September 22, 2016.
|
10.20
(27)
|
|
Underwriting Agreement dated April 13, 2017, between the Company
and Craig-Hallum Capital Group LLLC
|
|
Subsidiaries of the Company.
|
|
|
Consent of BPM LLP - Independent Registered Public Accounting Firm
(filed herewith).
|
|
|
Power of Attorney (incorporated by reference to the signature page
of this Annual Report on Form 10-K).
|
|
|
Certification Statement of Chief Executive Officer pursuant to
Section 302(a) of the Sarbanes-Oxley Act of 2002 (filed
herewith).
|
|
|
Certification Statement of Chief Financial Officer pursuant to
Section 302(a) of the Sarbanes-Oxley Act of 2002 (filed
herewith).
|
|
Certification of Chief Executive Officer and Chief Financial
Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (furnished
herewith).
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
AEHR TEST
SYSTEMS
|
|
|
|
|
|
|
Dated: August 28,
2018
|
By:
|
/s/
GAYN
ERICKSON
|
|
|
|
Gayn
Erickson
|
|
|
|
PRESIDENT AND CHIEF
EXECUTIVE OFFICER
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
President, Chief
Executive
Officer, and Director
|
|
|
/s/
GAYN ERICKSON
|
|
(Principal
Executive Officer)
|
|
August 28,
2018
|
Gayn Erickson
|
|
|
|
|
|
|
Vice President of
Finance
and Chief Financial
Officer
|
|
|
/s/ KENNETH
B. SPINK
|
|
(Principal
Financial and Accounting Officer)
|
|
August 28,
2018
|
Kenneth B. Spink
|
|
|
|
|
|
|
|
|
|
/s/ RHEA J.
POSEDEL
|
|
Chairman
|
|
August 28,
2018
|
Rhea J. Posedel
|
|
|
|
|
|
|
|
|
|
/s/ WILLIAM
W. R. ELDER
|
|
Director
|
|
August 28,
2018
|
William W. R. Elder
|
|
|
|
|
|
|
|
|
|
/s/ MARIO M.
ROSATI
|
|
Director
|
|
August 28,
2018
|
Mario M. Rosati
|
|
|
|
|
|
|
|
|
|
/s/ JOHN M.
SCHNEIDER
|
|
Director
|
|
August 28,
2018
|
John M. Schneider
|
|
|
|
|
|
|
|
|
|
/s/ HOWARD T.
SLAYEN
|
|
Director
|
|
August 28,
2018
|
Howard T. Slayen
|
|
|
1 Year Aehr Test Systems Chart |
1 Month Aehr Test Systems Chart |
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