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NeoPhotonics Corporation (NYSE: NPTN) announced that its stockholders have overwhelmingly approved the merger with Lumentum Holdings Inc. (NASDAQ: LITE), with 99.5% of votes in favor, representing 76.3% of outstanding common stock. The merger is contingent on customary closing conditions and requires approval from the State Administration for Market Regulation in China. The transaction is expected to finalize in the second half of 2022.
Lumentum Holdings (NASDAQ: LITE) and NeoPhotonics Corporation (NYSE: NPTN) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, a significant step toward finalizing their merger agreement previously announced on November 3, 2021. The transaction is pending other customary conditions, including NeoPhotonics stockholder approval and clearance from the State Administration for Market Regulation in China. The deal is anticipated to close in the second half of 2022.
NeoPhotonics (NYSE: NPTN) reported strong Q3 2021 results with revenue of $83.7 million, a 29% increase quarter-over-quarter but an 18% decline year-over-year. The gross margin improved to 28.4%, up from 15.2% in Q2. Non-GAAP operating income reached $1.3 million, a significant recovery compared to a loss of $10.3 million in the previous quarter. Additionally, NeoPhotonics announced its acquisition by Lumentum for $16.00 per share, valued at approximately $918 million. The company's cash and equivalents stood at $105 million as of September 30, 2021.
Lumentum Holdings (NASDAQ: LITE) has announced its acquisition of NeoPhotonics (NYSE: NPTN) for $16.00 per share in cash, totaling approximately $918 million. This strategic acquisition aims to enhance Lumentum's capabilities within the rapidly expanding $10 billion optical components market, particularly for cloud and telecom networks. The deal, which provides a 39% premium over NeoPhotonics' stock price on November 3, 2021, is expected to yield over $50 million in annual run-rate synergies within 24 months and immediately boost non-GAAP earnings per share upon closing.
NeoPhotonics Corporation (NYSE: NPTN) will announce its financial results for Q3 2021 on November 4, 2021, after market close. This includes key metrics for the period ending September 30, 2021. A conference call discussing the results will take place at 4:30 p.m. ET, accessible via phone or a live webcast on the company’s Investor Relations website. Following the call, a replay will be available for 30 days. NeoPhotonics specializes in silicon photonics, offering advanced photonic solutions for high-speed communications networks.
NeoPhotonics Corporation (NYSE: NPTN) has announced the launch of a new tunable high power FMCW laser module and high power semiconductor optical amplifier (SOA) chips, designed for long-range automotive lidar and industrial sensing applications. The FMCW Laser provides >21dBm power and a narrow linewidth optical signal, while the SOA chip delivers >23dBm optical output. Operating in the safer 1550 nm band, these innovations enhance lidar performance and safety in autonomous vehicles. Products are currently being sampled to key customers, utilizing NeoPhotonics' advanced photonic integration technology.
NeoPhotonics has announced the launch of its new 400G CFP2-DCO coherent pluggable transceiver featuring 0 dBm output power. This device is engineered for metro, regional, and long-haul ROADM based optical networks. Utilizing NeoPhotonics' Indium Phosphide technology, the module boasts a transmission capacity of up to 67 Gbaud and is capable of operating over 1500 km with superior optical signal-to-noise ratio performance. It covers extensive metro ROADM applications and aims to simplify network design and reduce inventory costs.
NeoPhotonics Corporation (NYSE: NPTN) announces a conference call on September 9, 2021, at 11:00 am ET, to discuss trends in optical communications and highlight its advancements in technology. This session will cover important industry issues and showcase NeoPhotonics' 400Gbps Pluggable Modules for various applications, including DCI and Metro networks. Attendees will gain insights into new capabilities of the 400ZR and 400ZR+ modules, including multi-hop ROADM applications. Access the live webcast at NeoPhotonics Events.
NeoPhotonics Corporation (NPTN) reported second-quarter 2021 revenue of $65.0 million, marking a 7% increase quarter-over-quarter but a 37% decline year-over-year. The gross margin fell to 15.2% from 21.9% in the prior quarter. A net loss per share increased to $0.34, compared to $0.21 in the previous quarter. The company anticipates revenue between $76 and $84 million for the third quarter of 2021, with a projected gross margin between 24% and 29%. NeoPhotonics aims to ramp up production of its 400ZR products to enhance profitability.
NeoPhotonics Corporation (NYSE: NPTN) has announced the appointment of Bradford W. Wright as the new Senior Vice President of Global Sales. With 25 years of industry experience, Wright previously held senior roles at Cisco Systems and Intel Corporation. His expertise in communications and semiconductors is expected to enhance NeoPhotonics' high-speed optical solutions, catering to the demands of hyperscale data centers and telecom sectors. CEO Tim Jenks emphasized that Wright's background will benefit NeoPhotonics' growth in the rapidly expanding high-speed markets.
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