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.
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 | |
