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GoPro Inc. founder and Chief Executive Officer Nick Woodman plans to sell 4.08 million shares worth $332.4 million at current prices, following the video-camera maker’s initial public offering in June.
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 content 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.
(Source: Bloomberg)
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