23andMe requested utility for the chapter safety of chapter 11 and his co-founder and CEO resigned from Genetic testing company in difficulty It continues its push to chop prices.
The firm declared Sunday that he’ll attempt to promote “all his actions” via a reorganization plan accredited by the Court.
The firm based mostly in San Francisco additionally stated that Anne Wojcicki resigned from CEO with instant impact however would stay on the corporate’s board. His resignation arrives a few weeks after a council committee had rejected an acquisition proposal not binding from Wojcicki.
The actions of 23ndme Holding Co., who’ve misplaced nearly all their worth since final spring, collapsed beneath $ 1 in pre -marketing buying and selling on Monday.
The volunteer of chapter storage caps months of riots for the corporate, who has struggled to discover a worthwhile enterprise mannequin since he turned public in 2021.
Last September, All his independent directors have resigned In a uncommon transfer following negotiations with Wojcicki, who had tried to take the non-public firm.
The firm subsequently introduced in November that it could have fired 40% of its workforce, or greater than 200 staff and cease its therapeutic division.
In January, the Special Committee of the Council stated that strategic options was exploring, together with a attainable sale.
The Prime Minister Mark Jensen declared in a Sunday declaration that the corporate established {that a} sale supervised by the court docket was “the most effective path to maximise the corporate’s worth”. He stated in addition they count on that he helps the corporate’s efforts to scale back prices and in addition resolve authorized and lease liabilities.
Jensen additionally stated: “We are dedicated to persevering with to safeguard buyer and clear knowledge on consumer knowledge administration sooner or later and knowledge privateness shall be an essential consideration in any potential transaction”.
23ndme plans to proceed managing its enterprise and has $ 35 million in debtor loans in possession by JMB Capital Partners.
