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Genetics examination company 23andMe has filed for Chapter 11 bankruptcy protection in the U.S. to initiate the sales agreement of its assets . Alongside the announcement , the company ’s co - founder and CEO , Anne Wojcicki , one by one say she is allow for to become an independent bidder for 23andMe .
“ After a exhaustive valuation of strategic alternative , we have find that a tribunal - oversee sales event process is the unspoilt path onward to maximise the time value of the business , ” Mark Jensen , hot seat and penis of the Special Committee of the Board of Directors , said in a financial statement .
“ We gestate the Margaret Court - supervised process will promote our crusade to address the operational and fiscal challenges we face up , including further cost reduction and the solving of effectual and leasehold financial obligation . We believe in the value of our masses and our assets and desire that this process allows our commission of help the great unwashed get at , understand , and benefit from the human genome to live on for the welfare of client and patient role . ”
“ The 23andMe Special Committee released news today indicating their plan to take the company through the Chapter 11 process . While I am let down that we have amount to this stopping point and my bid was rejected , I am supportive of the company , and I intend to be a bidder . I have resigned as CEO of the companionship so I can be in the best situation to go after the party as an independent bidder , ” Wojcicki saidin a position on X.
The caller has hada troublesome few yearsafter it went public in 2021 . Best known for its saliva - based test kit that offer customers a glimpse into their genetic stemma , the company has seen its marketplace capitalisation plummet more than 99 % from a peak of $ 6 billion after it failed to turn a profits .
Then in 2023 , it suffered a massive cyberattack in whichthe datum of its near 7 million customer , including users ’ genetic predisposition and ancestry reports , was stolen by hacker . In September 2024 , the caller settle a lawsuitrelated to the information rift by paying $ 30 million , and soon later , Wojcicki order she was exploringtaking the company private .
At the time of writing , the company ’s marketplace value was around $ 48 million , with its stock trading at $ 1.79 .
