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Aehr Test Systems Comments on Closure of Silicon Valley Bank
FREMONT, Calif., March 10, 2023 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR) (the “Company”), a worldwide supplier of semiconductor test and
About this update from Aehr Test Systems
[{"type":"text","content":"FREMONT, Calif., March 10, 2023 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR) (the “Company”), a worldwide supplier of semiconductor test and reliability qualification equipment, today provided comments on the news today of the closure by regulators of Silicon Valley Bank (SVB). Gayn Erickson, President and CEO of Aehr Test Systems, commented, “There’s been a lot of questions related to the closure of SVB today and the exposure of Aehr Test Systems. Aehr Test does have a checking account at SVB with a current balance of under $2.5 million, which is less than 6% of our total of $41.8M in cash and short-term liquid assets. Aehr has over $39.3 million in another financial institution which includes over $9.7 million in cash and $29.6 million in short term US Government backed Treasury Bonds. Aehr has no outstanding balance on its line of credit with Silicon Valley Bank and foresees no need to draw on the line in the near future. Aehr believes that there is no impact to our operations, customers, vendors, or employees. We are taking all appropriate steps to prevent any impact on our operations.” Safe Harbor StatementThis press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,” “going to,” \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential,\" or \"continue,\" or the negative of these words or other similar terms or expressions that concern Aehr’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, expectations regarding the use of proceeds, if any, from the ATM offering; and expectations related to long-term demand for Aehr’s productions and the attractiveness of key markets. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr’s most recent annual report on Form 10-K, its ...