GoPro Inc To Obtain An Estimated $99.3 Million In Secondary Offer

GoPro Inc.

secondary offering expected later this month will feature 9.07 million shares to be sold by insiders while the company will sell an additional 1.29 million shares. Plans for the $800 million offering were unveiled last week, but an amended filing Monday offered further details regarding the number of shares to be offered. The San Mateo, Calif. company which went public earlier this year has about 26.29 million shares outstanding. In extended trading Monday, GoPro fell 1.4 percent recently to $80.35 a share. Chief Executive Nicholas Woodman will sell 4.08 million Class A shares, leaving him with 42.5 percent of the company's Class A shares. GoPro said it will obtain an estimated $99.3 million from the offering, including proceeds from the exercise of stock options by certain selling stockholders. GoPro expects to use proceeds for general corporate purposes and to acquire other businesses or assets. The company added, however, that it has no current acquisition agreements. Executive officers and directors as a group will trim their stake in GoPro Class A shares to 67.62 percent, from 68.88 percent. Woodman will hold on to his super-voting Class B shares. Managers including Woodman will control 65 percent of the Class B shares following the offering.