After the U.S. market closed on May 12, the stock of action camera manufacturer GoPro (GPRO.O) soared by 20.2% to $1.60.

GoPro has indicated it is evaluating a range of strategic alternatives, which may include a potential sale or merger.

In April, GoPro engaged the consulting firm Oliver Wyman to assist in expanding its presence in the defense and aerospace markets. Since then, the company has received multiple unsolicited expressions of interest regarding strategic partnerships.

Additionally, GoPro reported first-quarter revenue of $99 million, representing a 26% decline compared to the same period last year.

The adjusted loss per share for the first quarter was 35 cents, compared to a loss of 12 cents per share in the prior-year period.

Year-to-date, GoPro's stock has declined by 6.4%.