Aehr Test Systems Announces Private Placement of Common Stock and Select Preliminary First Quarter Fiscal 2017 Financial Resu...
September 23 2016 - 7:00AM
Aehr Test Systems (NASDAQ:AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today
announced that it has entered into a definitive purchase agreement
for the sale of approximately $5.9 million in shares of its common
stock in a private placement transaction with certain institutional
and accredited investors.
Pursuant to the terms of the purchase agreement, Aehr Test
Systems has agreed to sell an aggregate of 2,721,540 shares of
common stock at a price of $2.15 per share to outside institutional
and accredited investors. Aehr Test Systems intends to use
the net proceeds from the private placement for working capital and
general corporate purposes. The private placement is
anticipated to close on or about September 28, 2016, subject to the
satisfaction of customary closing conditions.
Craig-Hallum Capital Group LLC is acting as the sole placement
agent for the private placement.
Aehr Test Systems also announced preliminary financial results
for the first quarter of fiscal 2017, ended August 31, 2016:
- Revenue is expected to be approximately $5.3 million, compared
to $1.6 million in the fourth quarter of fiscal 2016.
- GAAP net loss is expected to be between $800,000 and $900,000,
compared to a GAAP net loss of $3.1 million in the fourth quarter
of fiscal 2016.
- Backlog is expected to be over $10 million as of August 31,
2016, compared to a backlog of $5.3 million as of May 31,
2016.
- Bookings in the first quarter of fiscal 2017 are estimated to
be over $10 million.
Aehr Test Systems has not finalized its financial statement
review process for the first quarter of fiscal 2017. As a
result, the information in this release is preliminary and based
upon information available to Aehr Test Systems as of the date of
this release. During the course of Aehr Test Systems’ review
process, items may be identified that would require Aehr Test
Systems to make adjustments, which could result in changes to our
preliminary selected financial information above. As a
result, the preliminary selected financial information above is
forward-looking information and subject to risks and uncertainties,
including possible adjustments to such information.
Aehr Test Systems will provide a full report of its first
quarter fiscal 2017 results during its previously announced
conference call scheduled for Thursday, September 29, 2016
following the close of market, 5:00 p.m. Eastern Time (2:00 p.m.
PT).
The shares of common stock of Aehr Test Systems sold in the
private placement have not been registered under the Securities Act
of 1933, as amended, and as such the shares may not be offered
or sold in the United States absent registration under such act and
applicable state securities laws or an applicable exemption
from those registration requirements. The securities were
offered and sold only to a limited number of institutional and
accredited investors.
About Aehr Test SystemsHeadquartered in
Fremont, California, Aehr Test Systems is a worldwide provider of
test systems for burning-in and testing logic and memory integrated
circuits and has an installed base of more than 2,500 systems
worldwide. Increased quality and reliability needs of the
Automotive and Mobility integrated circuit markets are driving
additional test requirements, capacity needs and opportunities for
Aehr Test Systems products in package and wafer level test. Aehr
Test Systems has developed and introduced several innovative
products, including the ABTSTM and FOX families of test and burn-in
systems and WaferPak contactors. The ABTS systems are used in
production and qualification testing of packaged parts for both
low-power and high-power logic as well as memory devices. The FOX
family of systems includes single and multi-wafer full wafer
contact 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 and
systems-on-a-chip. 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. For more information, please visit Aehr Test
Systems’ website at www.aehr.com.
Safe Harbor StatementThis press release
contains certain forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and
uncertainties. These statements are based on information
available to Aehr Test Systems as of the date hereof and actual
results could differ materially from those stated or implied due to
risks and uncertainties. Forward-looking statements include
statements regarding Aehr Test Systems’ expectations, beliefs,
intentions or strategies regarding the future, including statements
regarding future market opportunities and conditions, expected
product shipment dates, customer orders or commitments and future
operating results. The risks and uncertainties that could cause
Aehr Test Systems’ results to differ materially from those
expressed or implied by such forward-looking statements include,
without limitation, general market conditions, customer demand and
acceptance of Aehr Test Systems’ products and Aehr Test Systems’
ability to execute on its business strategy. See Aehr Test Systems’
recent reports on Form10-K, Form10-Q and other reports from time to
time filed with the Securities and Exchange Commission for a more
detailed description of the risks facing Aehr Test Systems’
business. Aehr Test Systems 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.
Aehr Test Systems
Ken Spink
Chief Financial Officer
(510) 623-9400 x309
Investor Relations Contact:
Todd Kehrli or Jim Byers
MKR Group, Inc.
(323) 468-2300
aehr@mkr-group.com
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