AEHR Insider Filing: 1,009-Share ESPP Purchase; 76,229-Share Disposition

Rhea-AI Filing Summary

AEHR Test Systems CFO Siu Chris reported insider activity on a Form 4 dated 10/01/2025. The filing shows an acquisition of 1,009 shares at a price of $6.6725 through the companys Amended and Restated 2006 Employee Stock Purchase Plan, which the filing states is a Section 423 tax-conditioned plan and exempt from six-month short-swing liability. The filing also records a disposition of 76,229 shares, and reports beneficial ownership of 5,211 shares following the transactions, held indirectly. The filing notes some reported shares include unvested restricted stock units. The signature on the form is "/s/ SIU CHRIS" dated 10/01/2025.

Positive

• Acquisition of 1,009 shares via the companys Section 423 Employee Stock Purchase Plan at $6.6725
• ESPP purchase is explicitly exempt from six-month short-swing liability per the filing
• Disclosure includes unvested RSUs, clarifying composition of beneficial ownership

Negative

• Reported disposition of 76,229 shares was recorded on the same filing, reducing reported holdings
• Post-transaction beneficial ownership is 5,211 shares, which may be limited for an officer depending on context

Insights

Financial Analyst

TL;DR: Routine insider ESPP purchase offset by a large reported disposition; overall impact appears neutral absent company context.

The Form 4 documents a modest purchase of 1,009 shares at $6.6725 via the companys Section 423 ESPP, which is common and exempt from short-swing liability. The filing also shows a reported disposition of 76,229 shares and indicates beneficial ownership of 5,211 shares held indirectly, with some holdings consisting of unvested restricted stock units. Without additional context on total outstanding shares or timing/details of the disposition, this appears to be an individual-level portfolio activity rather than a clearly material corporate event.

Corporate Governance Expert

TL;DR: Disclosure follows Section 16 requirements; ESPP purchase exemption and RSU disclosure are properly noted.

The filing identifies the reporting person as the CFO and discloses the purchase under the Amended and Restated 2006 Employee Stock Purchase Plan with the statutory Section 423 exemption explicitly cited, which addresses short-swing liability concerns. The form also documents a significant reported disposition (76,229 shares) and clarifies that some holdings are unvested RSUs. From a governance and compliance perspective the filing includes the required explanations and a manual signature, meeting standard Form 4 disclosure norms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Siu Chris

(Last) (First) (Middle)

C/O AEHR TEST SYSTEMS

400 KATO TERRACE

(Street)

FREMONT CA 94539

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AEHR TEST SYSTEMS [ AEHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/01/2025		J		1,009(1)	A	$6.6725	5,211	I	By Trust
Common Stock								76,229(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares have been purchased through the Company's Amended and Restated 2006 Employee Stock Purchase Plan, a "tax-conditioned plan" per Internal Revenue Code Section 423. This purchase is exempt from Section 16 of the Securities Exchange Act of 1934 regarding liabilities arising from six-month short-swing transactions in the Company's securities.

2. The amount reported includes shares subject to unvested restricted stock units.

Remarks:

	/s/SIU CHRIS	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did AEHR (AEHR) CFO Siu Chris report on the Form 4?

The filing reports an acquisition of 1,009 shares at $6.6725 via the companys ESPP and a disposition of 76,229 shares on 10/01/2025.

Was the purchase subject to short-swing liability?

No. The purchase was made under the Amended and Restated 2006 Employee Stock Purchase Plan, a Section 423 tax-conditioned plan, and is stated to be exempt from six-month short-swing liabilities.

How many shares does the reporting person beneficially own after these transactions?

The Form 4 reports 5,211 shares of beneficial ownership following the reported transactions, held indirectly.

Do the reported holdings include unvested awards?

Yes. The filing notes that the reported amounts include shares subject to unvested restricted stock units.

Who signed the Form 4 and when?

The form is signed as "/s/ SIU CHRIS" with a signature date of 10/01/2025.