GoPro (GPRO) Nosedives After Charity Breaks Lockup Restriction

GoPro (GPRO) shares plunged more than 12% on Thursday after news that founders Nick and Jill Woodman had reached a deal with JPMorgan (JPM), the lead book-running manager of GoPro’s June 2014 IPO, to release them from the lock-up restriction and allow them to donate about 5.8 million shares from their stake in the company to the Nicholas + Jill Woodman Foundation. The founders will gift the shares to the new charitable organization on Oct. 3.

Shares of GPRO are currently printing a higher than average trading volume with the issue trading 16.4M shares, compared to the average volume of 8,592,51. Ticker began trading this morning at $87.50 and is currently down $8.61, or 9.38%, from the prior days close of $91.80. On an intraday basis it has gotten as low as $79.13 and as high as $91. Despite the dive, GoPro is still up more than 163% since it IPO.

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