SAN MATEO, Calif. (BRAIN) — In a U.S. Securities and Exchange Commission filing Tuesday, GoPro said it needs more time to file its third-quarter earnings report because it hasn't completed financial close procedures and documentation for accounting and valuation of financing arrangements during the quarter.
On Sept. 1, GoPro and privately held optical-photonics company Starman Optical Inc. announced a merger, with the action camera brand's approximate $92 million debt being repaid by year's end at closing. According to the SEC report, GoPro is seeking waivers from lenders and evaluating financial reporting and disclosure implications of noncompliance. If waivers are not obtained, the noncompliance could result in the termination of the merger agreement.
GoPro announced on Oct. 19 that it filed a preliminary proxy statement with the SEC in connection with the merger, completing a step toward closing. Starman's U.S.-made optical transceivers are expected to be added to GoPro's portfolio, extending its reach into the growing market for AI infrastructure in optical transceivers.
GoPro said in May the company could be sold or merged to maximize value for stockholders. In July, GoPro Founder and CEO Nicholas Woodman said he would provide $20 million in financing through the purchase of common stock.
GoPro said that it will file the report "as soon as practicable."
