AWM reports 1.1% stake in AEHR Test Systems

Rhea-AI Filing Summary

AWM Investment Company, Inc., a Delaware corporation and investment adviser to several Special Situations funds, reports its beneficial ownership of common stock of AEHR TEST SYSTEMS in this amended Schedule 13G.

AWM reports beneficial ownership of 374,808 shares of AEHR common stock, representing 1.1% of the class, with sole voting and dispositive power over all reported shares and no shared power. The position is held through four funds: 179,296 shares by SSFQP, 51,265 by Cayman, 25,089 by TECH, and 119,158 by TECH II. The filing notes that this represents ownership of 5 percent or less of the outstanding common stock.

Key Figures

Beneficial ownership: 374,808 shares Percent of class: 1.1% Shares held by SSFQP: 179,296 shares +2 more

5 metrics

Beneficial ownership 374,808 shares Common stock of AEHR Test Systems beneficially owned by AWM

Percent of class 1.1% Portion of AEHR common stock class beneficially owned by AWM

Shares held by SSFQP 179,296 shares AEHR shares held by Special Situations Fund III QP, L.P.

Shares held by Cayman fund 51,265 shares AEHR shares held by Special Situations Cayman Fund, L.P.

Shares held by TECH and TECH II 25,089 and 119,158 shares AEHR shares held by Special Situations Technology Fund, L.P. and II, L.P.

Key Terms

beneficially owned, sole voting power, sole dispositive power, investment adviser, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 374,808"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"5 | Sole Voting Power 374,808.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"7 | Sole Dispositive Power 374,808.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

investment adviser financial

"AWM Investment Company, Inc., a Delaware Corporation (AWM), is the investment adviser"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

percent of class financial

"Item 4. | Ownership (b) | Percent of class: 1.1%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of AEHR common stock does AWM Investment Company report owning?

AWM Investment Company reports beneficial ownership of 1.1% of AEHR Test Systems’ common stock. This corresponds to 374,808 shares and reflects that AWM now holds 5 percent or less of the outstanding shares of this class.

How many AEHR shares does AWM Investment Company beneficially own according to this Schedule 13G/A?

AWM Investment Company beneficially owns 374,808 shares of AEHR Test Systems common stock. These shares are held across four Special Situations funds, over which AWM has sole voting and sole dispositive power, with no shared power reported.

How are AWM’s AEHR shares allocated among its Special Situations funds (AEHR)?

AWM’s reported 374,808 AEHR shares are allocated as 179,296 shares in SSFQP, 51,265 in Cayman, 25,089 in TECH, and 119,158 in TECH II. AWM, as investment adviser, holds sole voting and investment power over these positions.

Does AWM share voting or dispositive power over AEHR shares in this filing?

No. AWM reports sole voting power and sole dispositive power over all 374,808 AEHR shares and lists zero shared voting or shared dispositive power. Control is exercised through its role as investment adviser to the listed funds.

What does the Schedule 13G/A amendment indicate about AWM’s ownership level in AEHR?

The amendment states that AWM’s beneficial ownership is 5 percent or less of AEHR’s common stock. It quantifies this stake as 374,808 shares, representing 1.1% of the class, under AWM’s sole voting and investment authority.

Who signed the AEHR Schedule 13G/A on behalf of AWM Investment Company?

The report was signed by Adam Stettner, Executive Vice President of AWM Investment Company. His signature certifies the accuracy of the disclosed 374,808 AEHR shares and related ownership information reported in this Schedule 13G/A amendment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:27 PM Accepted by SEC EDGAR 08/14/2026 - 04:21 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

AEHR TEST SYSTEMS

(Name of Issuer)

Common Stock, Par Value $0.01

(Title of Class of Securities)

00760J108

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 00760J108

1

Names of Reporting Persons

AWM Investment Company, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 374,808.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 374,808.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

374,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.1 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: AWM Investment Company, Inc., a Delaware Corporation (AWM), is the investment adviser to Special Situations Fund III QP, L.P. (SSFQP), Special Situations Cayman Fund, L.P. (Cayman), Special Situations Technology Fund, L.P. (TECH) and Special Situations Technology Fund II, L.P. (TECH II), (SSFQP, Cayman, TECH and TECH II will hereafter be referred to as the Funds). As the investment adviser to the Funds, AWM holds sole voting and investment power over 179,296 Shares of Common Stock of the Issuer (the Shares) held by `SSFQP, 51,265 Shares held by Cayman, 25,089 Shares held by TECH and 119,158 Shares held by TECH II.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AEHR TEST SYSTEMS
(b)	Address of issuer's principal executive offices: 400 KATO TERRACE, FREMONT, CALIFORNIA, 94539
Item 2.
(a)	Name of person filing: The person filing this report is AWM Investment Company, Inc., a Delaware corporation (AWM), which is the investment adviser to Special Situations Cayman Fund, L.P., a Cayman Islands Limited Partnership (CAYMAN), Special Situations Fund III QP, L.P., a Delaware limited partnership (SSFQP), Special Situations Technology Fund, L.P., a Delaware limited partnership (TECH) and Special Situations Technology Fund II, L.P., a Delaware limited partnership (TECH II), (CAYMAN, SSFQP, TECH and TECH II, will hereafter be referred to as the Funds). The principal business of each Fund is to invest in equity and equity-related securities and other securities of any kind or nature. David M. Greenhouse (Greenhouse) and Adam C. Stettner (Stettner) are members of: SSCayman, L.L.C., a Delaware limited liability company (SSCAY), the general partner of CAYMAN. Greenhouse and Stettner are members of MGP Advisers Limited Partnership, a Delaware limited partnership (MGP), the general partner of SSFQP and SST Advisers, L.L.C., a Delaware limited liability company (SSTA), the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM.
(b)	Address or principal business office or, if none, residence: The principal business address for AWM is c/o Special Situations Funds, 527 Madison Avenue, Suite 2600, New York, NY 10022.
(c)	Citizenship: AWM is a Delaware Corporation
(d)	Title of class of securities: Common Stock, Par Value $0.01
(e)	CUSIP No.: 00760J108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 374,808
(b)	Percent of class: 1.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole voting power over 179,296 Shares of Common Stock of the Issuer (the Shares) held by SSFQP, 51,265 Shares held by Cayman, 25,089 Shares held by TECH and 119,158 Shares held by TECH II. Greenhouse and Stettner are members of SSCAY, the general partner of CAYMAN. Greenhouse and Stettner are members of MGP, the general partner of SSFQP and SSTA, the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole investment power over 179,296 Shares of Common Stock of the Issuer (the Shares) held by SSFQP, 51,265 Shares held by Cayman, 25,089 Shares held by TECH and 119,158 Shares held by TECH II. Greenhouse and Stettner are members of SSCAY, the general partner of CAYMAN. Greenhouse and Stettner are members of MGP, the general partner of SSFQP and SSTA, the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM.
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AWM Investment Company, Inc.

Signature:	Adam Stettner
Name/Title:	Executive Vice President
Date:	08/14/2026