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Aehr Test Systems (NASDAQ:AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced it entered into a stock purchase agreement to acquire all of the outstanding capital stock of Incal Technology, Inc., a Fremont, California-based, privately held manufacturer of packaged part reliability/burn-in test solutions used by a significant number of leading Artificial Intelligence (AI) semiconductor manufacturers.
The acquisition expands Aehr's product portfolio to include Incal's highly acclaimed test solutions, particularly its ultra-high-power capabilities for AI accelerators, GPUs, and high-performance computing (HPC) processors. AI semiconductors are among the highest power consumption devices in the entire semiconductor industry, with power levels of recent devices reaching 1,000 watts or more, well beyond any existing devices. These previously unseen power levels require new, unique test solutions that Aehr will now provide.
Under the terms of the agreement, Aehr will acquire all the outstanding capital stock of Incal Technology, Inc. for a purchase price of $21 million, consisting of $14 million in cash and 552,355 shares of Aehr common stock at $12.673 per share, the average closing price of Aehr stock for the ten (10) trading days ending on the first (1st) trading day immediately preceding the date of the Agreement, payable at closing and subject to certain post-closing adjustments with respect to working capital. For the period ended June 30, 2024, Incal recorded trailing 12-month revenue for test and burn-in systems, consumable burn-in boards and device electrical sockets and accessories of approximately $12 million. Aehr Test expects the acquisition to be immediately accretive. The transaction has been approved by the board of directors of both companies and is not subject to any financing condition. The acquisition is expected to close within the next 60 days.
Posted In: AEHR
