GoPro Inc. (NASDAQ: GPRO) announced that its board of directors has authorized a strategic review process and will engage a financial advisor to assist with the evaluation. The review will examine strategic alternatives that could include a sale of the company or merger to maximize shareholder value.

The San Mateo, California-based action camera maker said the board plans to work with independent financial and legal advisors during the process. The company has not established a timeline for completing the review or made decisions regarding potential transactions.

The strategic review follows GoPro's recent engagement of Oliver Wyman to support expansion into defense and aerospace markets. Since announcing that initiative on April 13, the company has received several unsolicited strategic inquiries, prompting the board to authorize engagement of a financial advisor.

"Over the past 24 years, GoPro has developed significant technology, IP, and brand assets along with world class product development and scaled manufacturing capabilities," said Nicholas Woodman, GoPro's founder and CEO. "We are excited to work with our advisors to evaluate potential opportunities in various sectors to maximize shareholder value."

GoPro stated it does not intend to comment further on the strategic review until additional disclosure is deemed appropriate or necessary. The company noted there are no assurances regarding the outcome or timing of the review, or whether any particular transaction will be pursued or completed.

The board and management team said they remain committed to acting in the best interests of the company and its stakeholders throughout the evaluation process.