Aehr Test Systems Announces Private Placement Of Common Stock

Aehr Test Systems

, a worldwide supplier of semiconductor test and burn-in equipment, announced today that on November 24, 2014, it entered into an agreement for the sale of 1,065,029 shares of its common stock in a private placement transaction with certain Directors and Officers of the Company and other accredited investors. The purchase price per share of the common stock sold in the private placement was $2.431, resulting in gross proceeds to the Company of $2.6 million, before offering expenses. The closing of the private placement will take place on November 26, 2014, and no placement agent was used in connection with the transaction. "We are building momentum with our two new products, the FOXTM-1P, our next generation single wafer test system that we launched last month, and the FOX-XP, our next generation multi-wafer test and burn-in solution of which we expect to complete development and launch in calendar year 2015," said Gayn Erickson, president and chief executive officer of Aehr Test Systems. "The additional funds raised in our private placement will allow us more leeway in managing our working capital and research and development program spending as we complete development of the FOX-XP and begin ramping the FOX-1P. We believe these two new products have significant competitive advantages to address substantial, new emerging test market opportunities we have validated and that will expand our served available market by $250 to $350 million annually." The shares of the Company's common stock 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 accredited investors.