STOCK TITAN

[Form 4] Aehr Test Systems Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Form 4 highlights: Dean DeSantis, co-personal representative of the Estate of founder Carl DeSantis and a 10% owner of Celsius Holdings (CELH), reported the physical settlement of three tranches of a variable prepaid forward (VPF) entered 1 Aug 2022. The tranches matured 22-24 Jul 2025 and were settled on 23-25 Jul 2025.

Transaction details: Each tranche required GRAT 1, LLC—controlled by the estate—to deliver 300,000 CELH shares (adjusted for splits) to an unaffiliated buyer. Because the volume-weighted average price on each maturity date exceeded the $40.1588 cap, GRAT 1 received the maximum cash amount specified by the VPF formula and transferred the full share number. In total, 900,000 shares were disposed of at an implied cap price of $40.1588.

Ownership impact: Indirect beneficial ownership fell from roughly 3.6 million to 2.7 million shares, a 25% reduction. Shares are held indirectly through GRAT 1; DeSantis retains shared voting and dispositive power. No derivative positions remain after settlement.

Punti salienti del Modulo 4: Dean DeSantis, co-rappresentante personale dell'eredità del fondatore Carl DeSantis e proprietario del 10% di Celsius Holdings (CELH), ha riportato il regolamento fisico di tre tranche di un forward prepagato variabile (VPF) stipulato il 1° agosto 2022. Le tranche sono scadute tra il 22 e il 24 luglio 2025 e sono state regolate tra il 23 e il 25 luglio 2025.

Dettagli della transazione: Ogni tranche ha richiesto a GRAT 1, LLC — controllata dall'eredità — di consegnare 300.000 azioni CELH (aggiustate per frazionamenti) a un acquirente non affiliato. Poiché il prezzo medio ponderato per volume alla data di scadenza ha superato il limite di 40,1588$, GRAT 1 ha ricevuto l'importo massimo in contanti previsto dalla formula del VPF e ha trasferito l'intero numero di azioni. In totale, sono state cedute 900.000 azioni a un prezzo implicito massimo di 40,1588$.

Impatto sulla proprietà: La proprietà indiretta è diminuita da circa 3,6 milioni a 2,7 milioni di azioni, una riduzione del 25%. Le azioni sono detenute indirettamente tramite GRAT 1; DeSantis mantiene il potere condiviso di voto e disposizione. Non rimangono posizioni derivati dopo il regolamento.

Aspectos destacados del Formulario 4: Dean DeSantis, co-representante personal del patrimonio del fundador Carl DeSantis y propietario del 10% de Celsius Holdings (CELH), informó sobre el liquidación física de tres tramos de un forward prepagado variable (VPF) celebrado el 1 de agosto de 2022. Los tramos vencieron entre el 22 y 24 de julio de 2025 y se liquidaron entre el 23 y 25 de julio de 2025.

Detalles de la transacción: Cada tramo requería que GRAT 1, LLC — controlada por el patrimonio — entregara 300,000 acciones de CELH (ajustadas por divisiones) a un comprador no afiliado. Debido a que el precio promedio ponderado por volumen en cada fecha de vencimiento superó el límite de $40.1588, GRAT 1 recibió la cantidad máxima en efectivo especificada por la fórmula del VPF y transfirió el número completo de acciones. En total, se dispuso de 900,000 acciones a un precio límite implícito de $40.1588.

Impacto en la propiedad: La propiedad indirecta beneficiosa cayó de aproximadamente 3.6 millones a 2.7 millones de acciones, una reducción del 25%. Las acciones se mantienen indirectamente a través de GRAT 1; DeSantis conserva el poder compartido de voto y disposición. No quedan posiciones derivadas tras la liquidación.

Form 4 주요 내용: 창립자 Carl DeSantis의 유산 공동 개인 대표이자 Celsius Holdings(CELH) 10% 소유주인 Dean DeSantis가 2022년 8월 1일 체결된 가변 선불 선도계약(VPF) 3개 트랜치의 물리적 결제를 보고했습니다. 해당 트랜치들은 2025년 7월 22일부터 24일 사이에 만기되었으며 2025년 7월 23일부터 25일 사이에 결제되었습니다.

거래 세부사항: 각 트랜치는 유산이 통제하는 GRAT 1, LLC가 300,000 CELH 주식(주식 분할 조정됨)을 비계열 구매자에게 전달하도록 요구했습니다. 만기일의 거래량 가중 평균 가격이 $40.1588 상한을 초과했기 때문에 GRAT 1은 VPF 공식에 명시된 최대 현금 금액을 받았고 전체 주식 수를 이전했습니다. 총 900,000주가 암시된 상한 가격 $40.1588에 처분되었습니다.

소유권 영향: 간접적 실질 소유권이 약 360만 주에서 270만 주로 25% 감소했습니다. 주식은 GRAT 1을 통해 간접적으로 보유되며, DeSantis는 공동 의결권과 처분권을 유지합니다. 결제 후 파생상품 포지션은 남아있지 않습니다.

Points clés du formulaire 4 : Dean DeSantis, co-représentant personnel de la succession du fondateur Carl DeSantis et détenteur de 10 % de Celsius Holdings (CELH), a déclaré le règlement physique de trois tranches d'un contrat à terme prépayé variable (VPF) conclu le 1er août 2022. Les tranches ont arrivé à échéance entre le 22 et 24 juillet 2025 et ont été réglées entre le 23 et 25 juillet 2025.

Détails de la transaction : Chaque tranche a exigé que GRAT 1, LLC — contrôlée par la succession — livre 300 000 actions CELH (ajustées pour les fractionnements) à un acheteur non affilié. Comme le prix moyen pondéré par le volume à chaque date d'échéance a dépassé le plafond de 40,1588 $, GRAT 1 a reçu le montant maximum en espèces prévu par la formule du VPF et a transféré l'intégralité des actions. Au total, 900 000 actions ont été cédées à un prix plafond implicite de 40,1588 $.

Impact sur la propriété : La propriété bénéficiaire indirecte est passée d'environ 3,6 millions à 2,7 millions d'actions, soit une réduction de 25 %. Les actions sont détenues indirectement via GRAT 1 ; DeSantis conserve un pouvoir conjoint de vote et de disposition. Aucune position dérivée ne subsiste après le règlement.

Formular 4 Highlights: Dean DeSantis, Mit-Persönlicher Vertreter des Nachlasses des Gründers Carl DeSantis und 10% Eigentümer von Celsius Holdings (CELH), meldete die physische Abwicklung von drei Tranchen eines variablen vorausbezahlten Forwards (VPF), abgeschlossen am 1. August 2022. Die Tranchen liefen vom 22. bis 24. Juli 2025 aus und wurden vom 23. bis 25. Juli 2025 abgewickelt.

Transaktionsdetails: Jede Tranche erforderte, dass GRAT 1, LLC — kontrolliert vom Nachlass — 300.000 CELH-Aktien (angepasst für Aktiensplits) an einen nicht verbundenen Käufer lieferte. Da der volumengewichtete Durchschnittspreis an jedem Fälligkeitstag den Deckel von 40,1588 $ überstieg, erhielt GRAT 1 den maximalen Bargeldbetrag laut VPF-Formel und übertrug die volle Aktienanzahl. Insgesamt wurden 900.000 Aktien zu einem impliziten Deckelpreis von 40,1588 $ veräußert.

Auswirkungen auf das Eigentum: Das indirekte wirtschaftliche Eigentum sank von etwa 3,6 Millionen auf 2,7 Millionen Aktien, eine Reduktion um 25 %. Die Aktien werden indirekt über GRAT 1 gehalten; DeSantis behält gemeinsame Stimm- und Verfügungsrechte. Nach der Abwicklung bestehen keine Derivatpositionen mehr.

Positive
  • None.
Negative
  • 900,000 CELH shares disposed by a 10% owner, reducing insider stake by ~25% and potentially adding share-price overhang.

Insights

TL;DR: Large insider sale—900k shares—signals reduced commitment; however, sale was pre-arranged via 2022 VPF.

The disposal equals ~25% of the estate’s indirect stake, so supply overhang is material. Although the transactions were contractually obligated and therefore partially price-agnostic, they still lower insider alignment and may pressure the float. Settlement above the $40.1588 cap implies CELH traded well beyond the forward’s upside collar, capping proceeds per share to ~$10.04 over the $30.12 floor. No additional derivatives remain, reducing complexity of future disclosures. Overall effect skews negative for sentiment but does not alter company fundamentals.

TL;DR: Estate unwinds legacy forward contract; transparency good, but insider ownership drops materially.

Pre-paid forwards are legitimate liquidity tools, yet their unwinding can create perception issues. With the founder’s estate cutting its stake to 2.7 m shares, governance observers may question long-term voting stability. Still, the orderly settlement within Rule 144 parameters mitigates regulatory risk. No new pledges or derivative overlays were introduced.

Punti salienti del Modulo 4: Dean DeSantis, co-rappresentante personale dell'eredità del fondatore Carl DeSantis e proprietario del 10% di Celsius Holdings (CELH), ha riportato il regolamento fisico di tre tranche di un forward prepagato variabile (VPF) stipulato il 1° agosto 2022. Le tranche sono scadute tra il 22 e il 24 luglio 2025 e sono state regolate tra il 23 e il 25 luglio 2025.

Dettagli della transazione: Ogni tranche ha richiesto a GRAT 1, LLC — controllata dall'eredità — di consegnare 300.000 azioni CELH (aggiustate per frazionamenti) a un acquirente non affiliato. Poiché il prezzo medio ponderato per volume alla data di scadenza ha superato il limite di 40,1588$, GRAT 1 ha ricevuto l'importo massimo in contanti previsto dalla formula del VPF e ha trasferito l'intero numero di azioni. In totale, sono state cedute 900.000 azioni a un prezzo implicito massimo di 40,1588$.

Impatto sulla proprietà: La proprietà indiretta è diminuita da circa 3,6 milioni a 2,7 milioni di azioni, una riduzione del 25%. Le azioni sono detenute indirettamente tramite GRAT 1; DeSantis mantiene il potere condiviso di voto e disposizione. Non rimangono posizioni derivati dopo il regolamento.

Aspectos destacados del Formulario 4: Dean DeSantis, co-representante personal del patrimonio del fundador Carl DeSantis y propietario del 10% de Celsius Holdings (CELH), informó sobre el liquidación física de tres tramos de un forward prepagado variable (VPF) celebrado el 1 de agosto de 2022. Los tramos vencieron entre el 22 y 24 de julio de 2025 y se liquidaron entre el 23 y 25 de julio de 2025.

Detalles de la transacción: Cada tramo requería que GRAT 1, LLC — controlada por el patrimonio — entregara 300,000 acciones de CELH (ajustadas por divisiones) a un comprador no afiliado. Debido a que el precio promedio ponderado por volumen en cada fecha de vencimiento superó el límite de $40.1588, GRAT 1 recibió la cantidad máxima en efectivo especificada por la fórmula del VPF y transfirió el número completo de acciones. En total, se dispuso de 900,000 acciones a un precio límite implícito de $40.1588.

Impacto en la propiedad: La propiedad indirecta beneficiosa cayó de aproximadamente 3.6 millones a 2.7 millones de acciones, una reducción del 25%. Las acciones se mantienen indirectamente a través de GRAT 1; DeSantis conserva el poder compartido de voto y disposición. No quedan posiciones derivadas tras la liquidación.

Form 4 주요 내용: 창립자 Carl DeSantis의 유산 공동 개인 대표이자 Celsius Holdings(CELH) 10% 소유주인 Dean DeSantis가 2022년 8월 1일 체결된 가변 선불 선도계약(VPF) 3개 트랜치의 물리적 결제를 보고했습니다. 해당 트랜치들은 2025년 7월 22일부터 24일 사이에 만기되었으며 2025년 7월 23일부터 25일 사이에 결제되었습니다.

거래 세부사항: 각 트랜치는 유산이 통제하는 GRAT 1, LLC가 300,000 CELH 주식(주식 분할 조정됨)을 비계열 구매자에게 전달하도록 요구했습니다. 만기일의 거래량 가중 평균 가격이 $40.1588 상한을 초과했기 때문에 GRAT 1은 VPF 공식에 명시된 최대 현금 금액을 받았고 전체 주식 수를 이전했습니다. 총 900,000주가 암시된 상한 가격 $40.1588에 처분되었습니다.

소유권 영향: 간접적 실질 소유권이 약 360만 주에서 270만 주로 25% 감소했습니다. 주식은 GRAT 1을 통해 간접적으로 보유되며, DeSantis는 공동 의결권과 처분권을 유지합니다. 결제 후 파생상품 포지션은 남아있지 않습니다.

Points clés du formulaire 4 : Dean DeSantis, co-représentant personnel de la succession du fondateur Carl DeSantis et détenteur de 10 % de Celsius Holdings (CELH), a déclaré le règlement physique de trois tranches d'un contrat à terme prépayé variable (VPF) conclu le 1er août 2022. Les tranches ont arrivé à échéance entre le 22 et 24 juillet 2025 et ont été réglées entre le 23 et 25 juillet 2025.

Détails de la transaction : Chaque tranche a exigé que GRAT 1, LLC — contrôlée par la succession — livre 300 000 actions CELH (ajustées pour les fractionnements) à un acheteur non affilié. Comme le prix moyen pondéré par le volume à chaque date d'échéance a dépassé le plafond de 40,1588 $, GRAT 1 a reçu le montant maximum en espèces prévu par la formule du VPF et a transféré l'intégralité des actions. Au total, 900 000 actions ont été cédées à un prix plafond implicite de 40,1588 $.

Impact sur la propriété : La propriété bénéficiaire indirecte est passée d'environ 3,6 millions à 2,7 millions d'actions, soit une réduction de 25 %. Les actions sont détenues indirectement via GRAT 1 ; DeSantis conserve un pouvoir conjoint de vote et de disposition. Aucune position dérivée ne subsiste après le règlement.

Formular 4 Highlights: Dean DeSantis, Mit-Persönlicher Vertreter des Nachlasses des Gründers Carl DeSantis und 10% Eigentümer von Celsius Holdings (CELH), meldete die physische Abwicklung von drei Tranchen eines variablen vorausbezahlten Forwards (VPF), abgeschlossen am 1. August 2022. Die Tranchen liefen vom 22. bis 24. Juli 2025 aus und wurden vom 23. bis 25. Juli 2025 abgewickelt.

Transaktionsdetails: Jede Tranche erforderte, dass GRAT 1, LLC — kontrolliert vom Nachlass — 300.000 CELH-Aktien (angepasst für Aktiensplits) an einen nicht verbundenen Käufer lieferte. Da der volumengewichtete Durchschnittspreis an jedem Fälligkeitstag den Deckel von 40,1588 $ überstieg, erhielt GRAT 1 den maximalen Bargeldbetrag laut VPF-Formel und übertrug die volle Aktienanzahl. Insgesamt wurden 900.000 Aktien zu einem impliziten Deckelpreis von 40,1588 $ veräußert.

Auswirkungen auf das Eigentum: Das indirekte wirtschaftliche Eigentum sank von etwa 3,6 Millionen auf 2,7 Millionen Aktien, eine Reduktion um 25 %. Die Aktien werden indirekt über GRAT 1 gehalten; DeSantis behält gemeinsame Stimm- und Verfügungsrechte. Nach der Abwicklung bestehen keine Derivatpositionen mehr.

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
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
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*
OLIPHANT LAURA

(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)
X Director 10% Owner
Officer (give title below) Other (specify below)
Director
3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025
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 07/25/2025 S 5,000 D $21.5003 7,665 I By Trust
Common Stock 22,978(1) 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. The amount reported includes shares subject to unvested restricted stock units.
Remarks:
/s/Chris Siu, Attorney-in-Fact 07/25/2025
** 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

How many CELH shares did Dean DeSantis dispose of in July 2025?

The Form 4 shows 900,000 shares were delivered over three days (300,000 each day).

What was the nature of the transactions reported in the CELH Form 4?

They were physical settlements of a variable prepaid forward originally executed on 1 Aug 2022.

At what price were the CELH shares effectively settled?

Because settlement prices exceeded the cap, the cash component was calculated at the $40.1588 cap level per share formula.

How many CELH shares does the reporting person now beneficially own?

Indirect ownership decreased to approximately 2.7 million shares after the settlements.

Does the reporting person still hold derivative positions after these transactions?

No, the Form 4 indicates no derivative securities remain following the reported settlements.
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