Aehr Test Systems Announces Completion of $25 Million ATM Offering

Fremont, CA (October 7, 2021) – Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification equipment, today announced that it successfully completed its previously announced $25 million “at-the-market” (“ATM”) offering. A total of 1.7 million shares were sold at an average sales price of $14.73 per share. The gross proceeds to the Company were $25.0 million before commission fees and offering expenses. The estimated net proceeds to the Company after commission, fees, and estimated offering expenses were $24.0 million.

Gayn Erickson, President and CEO of Aehr Test Systems, commented, “We are pleased to have successfully completed this offering which netted $24 million in cash with minimum dilution to our shareholders. These proceeds provide additional capital to serve the very large market opportunities we see ahead, which include the significant opportunity for test and burn-in of silicon carbide devices for electric vehicles and electrification infrastructure, silicon photonics devices for data center and 5G infrastructure, and 2D/3D sensors for mobile and wearable devices. 

“We are seeing a significant increase in demand for wafer level test and burn-in of silicon carbide semiconductors for electric vehicles. In addition to a very strong backlog and forecast from our lead silicon carbide customer, we are currently engaged in evaluations and/or benchmarks with multiple other major silicon carbide suppliers regarding their wafer level test and burn-in needs.

“Aehr Test’s unique solutions allow our customers to test and burn-in their devices with 100% confidence and traceability, which are needed to address the reliability, safety, security, and confidence for mission critical applications such as semiconductors used in motor controllers and power conversion in electric vehicles. We feel we are very well positioned to capitalize on the long-term growth opportunities such as these silicon carbide devices within the electric vehicle as well as the infrastructure to support the electric vehicle market.”

About Aehr Test Systems

Headquartered in Fremont, California, Aehr Test Systems is a worldwide provider of test systems for burning-in and testing logic, optical and memory integrated circuits 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 ABTSTM and FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX-XP WaferPak Contactor, FOX DiePak® 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 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 www.aehr.com. 

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, future requirements and orders of Aehr’s new and existing customers; bookings forecasted for proprietary WaferPakTM and DiePak consumables; 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 recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. 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.

Contacts:
Aehr Test Systems
Ken Spink
Chief Financial Officer
(510) 623-9400 x309
MKR Investor Relations Inc.
Todd Kehrli or Jim Byers
Analyst/Investor Contact
(323) 468-2300
aehr@mkr-group.com