Item 1.01. Entry into a Material Definitive Agreement.

On January 14, 2021, Aehr Test Systems (the "Company") entered into the First Amendment to Loan and Security Agreement (the "Amendment") with Silicon Valley Bank (the "Lender") which amended the Loan and Security Agreement (the "Loan Agreement") dated as of January 13, 2020 with the Lender.

The Amendment, among other things, extends the Revolving Line Maturity Date (as defined in the Loan Agreement) to July 14, 2021 (the "Amended Revolving Line Maturity Date"); provided, however, that if the Company achieves specified operating metrics on a consolidated basis on or prior to May 31, 2021 the Amended Revolving Line Maturity Date is extended to January 13, 2022.

In connection with the Amendment, the Lender agreed to include certain additional accounts receivable of the Company in the calculation of the Borrowing Base (as defined in the Loan Agreement).

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information disclosed in Item 1.01 above is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits.

Exhibit No.          Description
  10.1               First Amendment to Loan and Security Agreement, dated as of
                     January 14, 2021, by and between Silicon Valley Bank and
                     Aehr Test Systems.

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