Aehr Test Systems (AEHR) Announces Compliance With NASDAQ Stockholders' Equity Rule

October 4, 2016 4:08 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

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.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Litigation

Add Your Comment