CUSIP No. 00760J108
(1) Names of Reporting Persons. I.R.S. Identification Nos. of
Above Persons (entities only):
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, United States
Number of Shares Beneficially
Owned by Each Reporting Person
With
(5) Sole Voting Power:
1,328,713 **
(6) Shared Voting Power: 0**
(7) Sole Dispositive Power:
1,328,713 **
(8) Shared Dispositive Power: 0**
(9) Aggregate Amount Beneficially Owned by Each Reporting
Person: 1,328,713 **
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions):
(11) Percent of Class Represented by Amount in Row (9): 4.8%**
(12) Type of Reporting Person (See Instructions): IA
**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 246,197 Shares of
Common Stock of the Issuer (the Shares) held by SSFQP, 73,901 Shares
held by Cayman, 156,126 Shares held by TECH and 852,489 Shares held by
TECH II. See Items 2 and 4 of this Schedule for additional
information.
Item 1(a). Name Of Issuer: Aehr Test Systems
Item 1(b). Address of Issuer?s Principal Executive Offices:
400 Kato Terrace
Fremont CA 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.
Item 2(b). Address of 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.
Item 2(c). Citizenship: AWM is a Delaware Corporation.
Item 2(d). Title of Class of Securities: Common Stock, Par
Value $.001
Item 2(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:
Not Applicable
Item 4. Ownership
(a) Amount Beneficially Owned: 1,328,713 **
(b) Percent of Class: 4.8%**
(c) Number of Shares as to which the person has:
(i) sole power to vote or to direct the vote: 1,328,713
**
(ii) shared power to vote or to direct the vote: 0**
(iii) sole power to dispose or to direct the disposition of:
1,328,713 **
(iv) shared power to dispose or to direct the disposition
of: 0**
______________________________________________________________________
** AWM is the investment adviser to each of the Funds. As the
investment adviser to the Funds, AWM holds sole voting and investment
power over 246,197 shares of Common Stock of the Issuer (the Shares)
held by SSFQP, 73,901 Shares held by Cayman, 156,126 Shares held by
TECH and 852,489 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.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check the
following. _X_
Item 6. Ownership of More Than Five 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. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above 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.
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.
Dated: March 10, 2023
AWM INVESTMENT COMPANY, INC.
By:/s/ Adam Stettner
Name: Adam Stettner
Title: Executive Vice President
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001)
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