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)
 
September 2, 2020
 
 

 
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
Name of each exchange on which registered
 
Symbol(s)
 
Common Stock
AEHR
The NASDAQ Capital Market
 
 

 
Item 5.02  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
(b) On September 2, 2020, John Schneider submitted his resignation as a director of Aehr Test Systems (the “Company”). Mr. Schneider’s resignation was voluntary and did not result from any disagreement with the Company or the Company’s Board of Directors (the “Board”).
 
(d) The Board appointed Geoffrey Scott to the Board effective September 2, 2020. The Board appointed Mr. Scott to serve on the Audit Committee and Corporate Governance and Nominating Committee, replacing Mr. Schneider.
 
As a non-employee director, Mr. Scott will receive the same compensation and indemnification as the Company’s other outside directors. The Company previously disclosed the terms of its outside director compensation in its definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on September 26, 2019.
 
There are no arrangements or understandings between Mr. Scott and any other persons pursuant to which Mr. Scott was appointed to the Board. There are also no family relationships between Mr. Scott and any director or executive officer of the Company. Mr. Scott has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
 
On September 2, 2020 the Board also appointed existing director Mario Rosati to the Corporate Governance and Nominating Committee, replacing Howard Slayen in this position. Mr. Slayen will remain as a member of the Audit Committee and Compensation Committee. The Board also appointed existing director Laura Oliphant to the Corporate Governance and Nominating Committee, adding an additional member to the committee.
 
A copy of the press release announcing Mr. Scott’s appointment and changes to the Board committees is attached hereto as Exhibit 99.1 and incorporated herein by reference.
 
Item 9.01  Financial Statements and Exhibits

(d) Exhibits.
 
Exhibit Number
 
Description
 
Press Release dated September 9, 2020.
 
 
 
 

 
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: September 9, 2020
By:  
/s/  Kenneth B. Spink
 
 
 
Kenneth B. Spink
 
 
 
Vice President of Finance and Chief Financial Officer
 


aehr_ex991
 

  Exhibit 99.1
 
Contacts:
 
Aehr Test Systems
MKR Investor Relations Inc.
Ken Spink
Todd Kehrli or Jim Byers
Chief Financial Officer
Analyst/Investor Contact
(510) 623-9400 x309
(323) 468-2300
  
aehr@mkr-group.com
 
Aehr Test Systems announces changes to its Board of Directors
 
Fremont, CA (September 9, 2020) – Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification equipment, today announced it has appointed Geoff Scott to its board of directors, effective September 2, 2020.  The Company also announced John Schneider, who has served on the Aehr Test Systems board since 2014, has resigned for personal reasons effective September 2, 2020. The number of Aehr Test board members remains at six.
 
"Geoff brings a background of both corporate finance and Board level engagement. As an investor in emerging high growth companies, his experience will be a valuable addition as we continue to focus on the many expanding opportunities for the Company. I would also like to take this opportunity to thank John for more than 5 years of service, support and belief in Aehr Test Systems including participation in our common stock offerings," said Gayn Erickson, president and CEO.
 
Mr. Scott came up through the corporate finance divisions of both Chase Manhattan Bank, now JP Morgan Chase, and Merrill Lynch. For the last 25 years, he has been President of Scott Asset Management, whose clients invest primarily in small cap but industry leading companies. He was a participant in two of Aehr Test's private placements and continues to be a substantial shareholder. He graduated from Dartmouth College with Degrees in Political Science and Economics.
 
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 over 2,500 systems installed 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.