GoPro signs definitive merger with Starman Optical (Sep 1, 2026): $285M cash to holders, ~10% stub, ~$92M debt repaid; Nasdaq-listed company pivots to photonics

Material. A verified, rescue-scale control transfer and recapitalization: $285M cash to holders plus ~$92M Parent-funded debt payoff against a $242.7M market cap, $27.3M cash, negative stockholders' equity and a $131.8M H1 net loss — together roughly 155% of the pre-announcement market value. It removes the solvency overhang and simultaneously transfers ~90% of the equity and the listed company's strategic direction to a photonics owner.