On June 14, 2019, NeoPhotonics Corporation entered into a first amendment to credit agreement and first amendment to guaranty and security agreement, with Wells Fargo Bank, National Association, as administrative agent (‘Agent'), and the lenders party thereto. The Amendment amends that certain Credit Agreement dated as of September 8, 2017 and that certain Guaranty and Security Agreement dated as of September 8, 2017 by and among the parties. The Amendment removes Huawei Technologies Company Ltd. and its affiliates (collectively, “Huawei”) from the list of “Eligible Accounts” as a basis for the Company's borrowing while Huawei is on the U.S. Bureau of Industry and Security (“BIS”) “Entity List”. During the period of time while Huawei remains on the Entity List, the concentration limits of certain other customers are increased to partially offset the removal of Huawei. The Company estimates that the net effect of these changes reduces the Company's ability to utilize the credit line by approximately $10 million, of the $50 million total credit line. Additionally, until Huawei is no longer on the Entity List, the liquidity requirements under the credit line are temporarily increased to $30 million in U.S. unrestricted cash and $40 million in unrestricted cash world-wide. The existing $31 million drawn on the credit line is not impacted and does not need to be repaid under the Amendment. The Company believes it does not have any current need to draw additional funds from this credit line under current forecasts.

On June 13, 2019, Dimitry Akhanov submitted his resignation from the Board of Directors of the Company, effective immediately. Mr. Akhanov served as a Class I director with a term to expire at the Company's 2020 Annual Meeting.