AEHR TEST SYSTEMS
(Exact
name of registrant as specified in its charter)
California
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000-22893
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94-2424084
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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400 KATO TERRACE, FREMONT, CA 94539
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(Address of principal executive offices, including zip
code)
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510-623-9400
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(Registrant’s telephone number, including area
code)
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N/A
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(Former name or former address, if changed since last
report)
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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))
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading
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Name of each exchange on which registered
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Symbol(s)
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Common Stock
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AEHR
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The NASDAQ Capital Market
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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. ☐
Item 1.01. Entry into a Material Definitive Agreement.
On January 14, 2021, Aehr Test Systems (the “Company”)
entered into the First Amendment to Loan and Security
Agreement (the "Amendment") with Silicon Valley Bank (the "Lender")
which amended the Loan and Security
Agreement (the “Loan Agreement”) dated as of January
13, 2020 with the Lender.
The Amendment, among other things, extends the Revolving Line
Maturity Date (as defined in the Loan Agreement) to July 14, 2021
(the “Amended Revolving Line Maturity Date”); provided,
however, that if the Company achieves specified operating metrics
on a consolidated basis on or prior to May 31, 2021 the Amended
Revolving Line Maturity Date is extended to January 13,
2022.
In connection with the Amendment, the Lender agreed to include
certain additional accounts receivable of the Company in the
calculation of the Borrowing Base (as defined in the Loan
Agreement).
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.
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Description
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First Amendment to Loan and Security Agreement, dated as of January
14, 2021, by and between Silicon Valley Bank and Aehr Test
Systems.
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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.
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Aehr Test Systems
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Date: January 20, 2021
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By:
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/s/ Kenneth B. Spink
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Kenneth B. Spink
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Vice President of Finance and Chief
Financial Officer
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