This move, in addition to the previously announced cost savings effort is very significant.
FREMONT, Calif., March 19, 2013 (GLOBE NEWSWIRE) -- Aehr Test Systems (AEHR), a worldwide supplier of semiconductor test and burn-in equipment, announced today that on March 15, 2013, it entered into an agreement for the sale of 1,158,000 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 $1.00, resulting in gross proceeds to the Company of $1,158,000, before offering expenses. The closing of the private placement took place on March 15, 2013, and no placement agent was used in connection with the transaction.
"We were able to minimize the expenses related to this private placement, resulting in higher net proceeds to the Company," said Gayn Erickson, president and chief executive officer of Aehr Test Systems. "The additional funds will allow us more leeway in managing our working capital and our research and development program spending."
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.
Just saw the news. You beat me to it Steve. Well I guess we bought a little more time. Its interesting they got directors to put cash up. No transaction fees optimizing the cash received. I wish i stepped in and bought more yesterday when there was 5000 being offered at 85 cents.