What happened Shares of outdoor action camera developer GoPro (NASDAQ: GPRO) slipped 14% as of the market close today. The company, which hasn't reported a profitable year since 2015, announced yesterday that it is seeking to raise $100 million. So what GoPro reported a decent third quarter earlier this month, with revenue more than doubling over the prior-year period. Investors cheered the news and pushed shares up to what amounted to a more than 50% gain since the beginning of September. Image source: Getty Images. As of Sept. 30, 2020, GoPro reported long-term debt of $157 million. The announcement that it is now seeking another $100 million has investors selling today. Now what GoPro said the convertible unsecured senior notes will be due in 2025. They are being sold to institutional buyers in a private placement. Some of the proceeds will be used for "repaying indebtedness and expanding its current business through acquisitions," the company said, though there are no current commitments for new acquisitions. The company has seen an uptick in its business this year with sales and margins expanding. It launched its HERO9 Black to high consumer interest. But the company also worked to entice retail consumers with a bundled package at discounted prices. Cameras with retail prices above $300 led to 83% of third-quarter revenue. Average selling price to consumers was up 11%, to $304, compared to the prior-year period. But the company is focusing on its subscription service, and it effectively discounted the $450 retail price of the HERO9 to entice subscriber growth. News about a debt offering didn't sit too well with investors today, especially after the recent run shares have made. Where they go from here will depend on how the future metrics look with regard to sales and profit margins. 10 stocks we like better than GoProWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and GoPro wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source