Aehr Test Systems acquires Incal Technology for $21M to bolster AI semiconductor test market

AEHR TEST SYSTEMS

Purchase price: $14M cash + 552,355 shares of Aehr common stock valued at $7M ($12.673/share).
Incal's trailing 12-month revenue ~$12M from burn-in systems and consumables for AI/GPU/HPC devices.
Acquisition expected to be immediately accretive; close targeted within 60 days subject to conditions.
Deal adds ultra-high-power burn-in capabilities for AI accelerators drawing 1,000W+, expanding Aehr's portfolio.
Incal brings relationships with leading AI semiconductor manufacturers and their subcontractors.

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