GoPro has closed a previously announced $20 million financing deal with entities affiliated with CEO Nicholas Woodman. The transaction involves the issuance of senior secured notes and warrants. To permit this financing, GoPro amended its revolving credit agreement with Wells Fargo, resulting in a higher interest rate, new fees, and a requirement to fully refinance the facility within 180 days.
Key Details
- CEO-led Financing: On July 9, 2026, the company received $20 million in gross proceeds from issuing senior secured notes and warrants exercisable for 25,706,940 Class B shares to entities affiliated with its CEO.
- Amended Credit Terms: The Wells Fargo revolving credit agreement interest rate was increased by 1.00%. The company also agreed to a potential $5.0 million restructuring fee and a $1.0 million success fee.
- New Repayment Schedule: GoPro must begin weekly repayments of its Wells Fargo credit facility, starting at $250,000 on October 9, 2026, and increasing to $1.0 million from November 6, 2026.
- Refinancing Mandate: The company is required to consummate a refinancing, sale, or other transaction to pay all amounts outstanding under the Revolving Credit Agreement in full within 180 days of July 9, 2026.