GoPro Ticks Lower As Company Files Shelf Registration For $800 Million
Shares of GoPro Inc (NASDAQ: GPRO) were ticking 5 percent lower on Monday morning after the company filed to sell $800 million worth of common stock through a shelf offering. The offering is expected to be used for "general corporate purposes, including working capital."
In an S-1 filing, GoPro stated that it intends to "expand our existing capture business with content management, editing and sharing solutions to provide increase value to our customers, introduce new revenue streams and further differentiate us from competitors." The company also stated that the international market represents a "significant growth opportunity."
GoPro also disclosed that it may use part of the proceeds to invest in commentary businesses, technologies or assets.
Shares of GoPro closed at $79.06 on Friday and were seen trading at $74.75 in Monday's pre-market session.
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