NEW YORK (TheStreet) -- Shares of GoPro Inc (GPRO) are down 1.39% to $74.70 in midday trading Tuesday, after the wearable camera maker announced yesterday that it will file for a secondary offering of about $800 million worth of shares, with $100 million to be raised in-house, while $700 million will be accrued through shareholders.
The maker of portable cameras said it plans to use the money raised for general corporate purposes, including for working capital or to fund acquisitions and investments.
The move comes after raising more than $491 million in its initial public offering in June. The company, has not yet revealed the exact number of shares or the price.
TheStreet's Jim Cramer commented yesterday, saying GoPro's secondary offering would add liquidity the stock, because the outstanding share count would increase.
Cramer believes investors should use this secondary offering as a buying opportunity ahead of the holiday season, and added that the stock has a chance to go back to $90.