GoPro founder will inject 20 million dollars as the company considers its sale or a merger
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GoPro has taken a new step to strengthen its liquidity at a time of economic difficulties. Nicholas Woodman, founder and CEO of the company, will contribute 20 million dollars through the purchase of common shares, an operation that is still subject to the fulfillment of certain closing conditions. The financing comes as the board of directors continues to evaluate different strategic alternatives with the aim of maximizing shareholder value, a process that the company made public on May 11. According to Woodman, an independent board committee analyzed different financing options before concluding that this operation offered the most favorable conditions for the company and its shareholders. The executive stated: My financing reflects the enthusiasm I continue to have for GoPro and for the opportunities that exist for the company. I continue to strongly support the strategic alternatives evaluation process driven by the board of directors. The search for new solutions comes after GoPro reported first-quarter results in which revenues fell by 26% compared to the same period last year, prolonging the negative trend recorded in recent fiscal years. As part of the restructuring plan announced in April, the company also confirmed a 23% reduction in its global workforce. At the end of the first quarter, it had 631 employees, so approximately 145 jobs will disappear before the end...
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