The stock price of GoPro Inc (NASDAQ:GPRO), the maker of the most versatile sports camera declined after its husband and wife founders, Jill and Nicholas Woodman disclosed that they donated some of their stockholdings to a new charity.

GoPro

The shares of GoPro Inc (NASDAQ:GPRO) were trading at $85.90 per share, down by more than 6% at the time of this writing around 3:55 P.M. in New York.

GoPro Founders establish Jill + Nicholas Woodman Foundation

GoPro Inc (NASDAQ:GPRO) said its founders established a new charitable organization, The Jill + Nicholas Woodman Foundation.

Its founders provided a personal gift of 5,821,739 shares of the common stock of GoPro Inc (NASDAQ:GPRO) to establish the foundation. The company emphasized that its founders’ donation to the foundation came from their personal holdings.

“We wake up every morning grateful for the opportunities life has given us, We hope to return the favor as best we can,” said Jill and Nicholas Woodman in a statement.

Foundation released from lock-up restriction

According to GoPro Inc (NASDAQ:GPRO), Morgan Securities LLC, the lead book-running manager for initial public offering (IPO) last June agreed to release the foundation from lock-up restriction with respect to the 5,821,739 shares gift. The lock-up restriction will be lifted tomorrow, October 3.

GoPro Inc (NYSE:GPRO) offered its stock at $24 per share during its IPO. The company started at $28.65 per share on June 26.  The company gained nearly 180% since its public offering.

Based on the current stock price of GoPro Inc (NYSE:GPRO) of nearly $86 per share, the Woodman’s donation to the foundation is approximately $500 million.

GoPro launches HERO4 camera

Yesterday, GoPro Inc (NASDAQ:GPRO) launched HERO4, its highest performance camera model. According to the company, the device is available in black for $499 and silver for $399.

The company boasted that HERO4 comes with its Emmy Award-winning technology combined is integrated with its enhanced ease-of-use and powerful new features including 4K30, 2.7K50 and 1080p120 video capture (black model) and built-in touch display convenience (silver model).

GoPro Inc (NASDAQ:GPRO) said the performance of the HERO4 black is two times better than its best-selling predecessors. The HERO4 silver offers the same professional image quality as HERO4 black but less some of the higher performance video-capture modes.