SAN MATEO, Calif. (BRAIN) — GoPro founder and CEO Nicholas Woodman will provide $20 million in financing through the purchase of common stock as the company considers either selling or merging to maximize value for stockholders.
The financing is subject to certain closing conditions.
"An independent committee of the board of directors evaluated a range of financing options and concluded this structure offered the most favorable terms for GoPro and our shareholders," Woodman said. "My financing reflects my enthusiasm for GoPro and its several go-forward opportunities. I continue to strongly support the board's evaluation of strategic alternatives, a process we announced on May 11, 2026, and which continues to progress."
On that date, the GoPro Board of Directors announced a "strategic process" after the company's first-quarter earnings were announced. Revenue declined 26% year-over-year, continuing an ongoing financial decline.
In April, GoPro said as part of a restructuring plan, its global workforce would be reduced by 23%. At the end of the first quarter, the action camera brand had 631 employees, so about 145 will be laid off by the end of the year. Nasdaq has notified GoPro that its stock could be delisted because its price per share fell under $1 for 30 consecutive business days. Stockquote on Nasdaq.
