Tony Bates would be stepping down at the end of 2016. 270 more employees were laid off in March 2017, and 250 additional layoffs followed in January 2018, bringing the company's workforce to "just under 1,000". At its peak, a share of GoPro was valued at $86, but on March 26, 2018, only $4.81. Because of the COVID-19 pandemic in 2020, GoPro laid off more than 20 percent of its workforce - over 200 employees. Corporate actions On March 30, 2011, GoPro acquired CineForm. The acquisition included the CineForm 444 video codec used in the film Slumdog Millionaire. The company claimed that the codec "makes HD and 3D editing faster and more convenient without sacrificing image quality". It was incorporated in the company's 3D Hero System shortly after the acquisition. In March 2013, GoPro issued a DMCA takedown notice to website DigitalRev.com, which had posted a review of its product, citing trademark use as a breach of copyright. This notice was retracted 10 days later, citing "erroneous enforcement". On April 28, 2015, GoPro acquired Kolor, a spherical media and virtual reality startup based in Chambéry, France. Kolor were developers of Autopano, Autopano Video and Panotour. After September 14, 2018, Kolor products will no longer be for sale and Kolor products would no longer receive updates. On February 29, 2016, GoPro spent $105 million and acquired two start-ups—Stupeflix and Vemory—for their video editing tools Replay and Splice. In March 2020, GoPro acquired stabilization software company, ReelSteady. IPO On February 7, 2014, GoPro submitted a confidential filing for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). On May 19, 2014, GoPro filed its Form S-1 with the SEC without specifying the number of shares or their price. The company stated that they hoped to raise at least $100 million through the sale of shares, using the money to pay off debt in full ($111 million as of March 31, 2014) and "to acquire or invest in complementary businesses, technologies or assets". They said that they planned to list on the NASDAQ stock exchange using the symbol 'GPRO.' The expected price range was $21 to $24 a share; on June 25, 2014, GoPro sold 17.8 million shares to initial investors at $24 per share (totaling $427.2M). At the IPO price the company was valued at $2.95 billion. One reason for GoPro's decision to go public was the potential to