NEW YORK (TheStreet) -- GoPro (GPRO) - Get GoPro, Inc. Class A Report was falling 8.1% to $84.35 Thursday after the announcement that the camera makers' founders gained permission to break a lock-up restriction to give shares to their new nonprofit.
Founders Nicholas and Jill Woodman announced late Wednesday that will gift about 5.8 million shares from their stake in GoPro to the Nicholas + Jill Woodman Foundation. The founders will gift the shares to the new charitable organization on Oct. 3.
The founders reached a deal with JPMorgan (JPM) - Get JPMorgan Chase & Co. Report , the lead book-running manager of GoPro's June 2014 IPO, to release the charity from a lock-up restriction on the shares. The lock-up restriction normally prevents company insiders from trading shares of the company for a period of time after its IPO.
Must Read:Warren Buffett's 25 Favorite Stocks