AEHR · Aehr Test Systems

Aehr Test Systems has established a flexible capital-raising mechanism through an at-the-market (ATM) equity offering program, allowing it to sell shares of its common stock directly into the market from time to time, up to an aggregate offering price of $60 million. The program is structured as a sales agency agreement with William Blair and Craig-Hallum, who will act as agents, not underwriters, meaning they are not obligated to purchase shares on a principal basis. This provides the company with discretion over the timing and amount of sales, which can be executed based on prevailing market conditions and the company's capital needs. The offering is facilitated under an existing shelf registration statement, which was declared effective in October 2024, streamlining the process. The commission structure of up to 3.0% aligns with typical arrangements for such ATM programs. The agreement includes customary representations, warranties, indemnifications, and termination provisions. This tool offers the company a potential source of equity capital without the immediate dilution and market impact of a traditional underwritten offering, though actual sales are not guaranteed and will depend on market demand and company directives.