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GoPro Shares Take A Tumble Days Out From HTC Camera Launch

GoPro Shares Take A Tumble Days Out From HTC Camera Launch

As
reported by Reuters, GoPro shares closed down nearly 7% on Thursday,
wiping out about US$800 million in market value.

The
lockup prohibits insiders from selling stock within a certain time
period after a company’s public debut, with GoPro having embarked upon
an initial public offering this year in June.

In a
media release, GoPro advised the Woodmans had provided a personal
gift towards establishing a new charitable organisation called The
Jill + Nicholas Woodman Foundation, with J.P. Morgan Securities
agreeing to release the organisation from the lockup
restriction.

Over 5.8
million shares of the company’s class A common stock have been gifted
to the organisation.

The GoPro
release advised more information on the foundation will be released
“at a later date”.