Aehr Test Systems (AEHR) Announces Compliance With NASDAQ Stockholders' Equity Rule
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Aehr Test Systems (Nasdaq: AEHR) (the “Company”), a worldwide supplier of semiconductor test and burn-in equipment, today announced that it has received notification from the NASDAQ Stock Market LLC (“NASDAQ”) that the Company has regained compliance with the minimum $2.5 million stockholders’ equity requirement for continued listing on the NASDAQ Capital Market.
As previously disclosed, on April 19, 2016, Aehr Test Systems received a notice from NASDAQ stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Rule”) because the Company did not have a minimum stockholders’ equity, as of February 29, 2016, of $2.5 million and the Company did not alternatively meet the market capitalization or income from continuing operations tests.
As previously disclosed, on September 28, 2016, the Company consummated the closing of a private placement transaction (the “Private Placement”) pursuant to which it sold 2,721,540 shares of its common stock to certain outside institutional and accredited investors at a price of $2.15 per share for aggregate gross proceeds to the Company of $5,851,311, before offering expenses. The Company filed a Form 8-K on September 30, 2016 related to the Private Placement.
In a letter dated October 3, 2016, NASDAQ informed the Company that based on the Form 8-K filed September 30, 2016, the Staff has determined that the Company complies with the Stockholders’ Equity Rule.
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