Nick Woodman, founder and chief executive officer of GoPro Inc., stands
for a photograph with a GoPro Hero 3+ camera in his mouth after ringing
the opening bell for the release of the company's IPO at the Nasdaq
MarketSite in New York on June 26, 2014.
Woodman and other stockholders will sell a total of 9.07 million shares, while the company plans to sell 1.29 million shares, according to a filing yesterday. In total, the share sale will raise $844.4 million, based on GoPro’s closing price of $81.50 yesterday.
GoPro shares have more than tripled since a June 25 initial public offering, fueled by growing sales of its tiny video cameras that people strap onto their bodies to record their exploits. The San Mateo, California-based company is working to also profit off the footage and c
ontent collected by its gadgets. GoPro also recently introduced new cameras.
“I plan to be a significant shareholder in GoPro for a long time,” Woodman wrote in an e-mail to employees this month. The funds from the secondary offering will be used for “people, products, potential acquisitions and infrastructure,” the company said.
Other shareholders divesting stock include a fund managed by Riverwood Capital, an investor in GoPro, as well as a fund managed by Foxteq Holdings, a unit of contract-manufacturer Foxconn.
Woodman will hold 42 percent of total voting power following the share sale, according to the filing.
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