Action camera maker GoPro said on Monday that it intends to review a range of strategic options that could include a sale of the company or a merger, sending its shares up more than 27% in after-hours trading.
This comes nearly a month after the company said it had engaged consulting firm Oliver Wyman to pursue new market opportunities for its technology within the defense and aerospace markets.
The California-based company said since then it received several unsolicited strategic inquiries, and its board has authorized it to engage a financial advisor to support a review.
Separately on Monday, GoPro reported a wider first-quarter adjusted loss from a year ago and a decline in total revenue as hardware, subscription and service revenue fell in the quarter.
For the quarter ended March 31, it posted a loss of 35 cents per share, compared to a loss of 12 cents per share a year ago.
GoPro had a market capitalization of $224 million as of last close, according to data compiled by LSEG.