23Andme has presented the bankruptcy protection of chapter 11 and its co -founder and CEO has resigned as the genetic test company with difficulties Its impulse continues to reduce costs.
The company said Sunday that it will seek to sell “substantially all its assets” through a reorganization plan approved by the Court.
The company based in San Francisco also said that Anne Wojcicki had resigned as an effective CEO immediately, but would remain at the company’s board. His resignation occurs a couple of weeks after a Board Committee rejected a non -binding acquisition proposal of Wojcicki.
The shares of 23 Andme Holding Co., which have thrown almost all their value since the last spring, fell below $ 1 in the negotiation prior to the market on Monday.
The voluntary bankruptcy that presents the presentation of the months of agitation for the company, which has struggled to find a profitable business model since it was made public in 2021.
Last September, All its independent directors resigned In a rare movement after negotiations with Wojcicki, who had been trying to take the company in private.
Then, the company announced in November that it would fire 40% of its workforce, or more than 200 employees, and suspend its therapeutic division.
In January, the Special Committee of the Board said it was exploring strategic alternatives, including a possible sale.
The president of the Board, Mark Jensen, said in a statement on Sunday that the company has determined that a sale backed by the Court was “the best way to maximize the value of the business.” He said they also expect it to help the company’s efforts to reduce costs and also resolve legal and lease liabilities.
Jensen also said: “We are committed to continuing to safeguard customer data and be transparent about user data management in the future, and data privacy will be an important consideration in any potential transaction.”
23Andme plans to continue operating its business and has $ 35 million in debtor financing in possession of JMB Capital Partners.
