after it has struggled to juice its stock price.Wojcicki is working with advisors and plans to begin speaking to possible financing sources and partners, according to an SEC filing late Wednesday.
The company went public in 2021 via a merger with a special purpose acquisition company, which valued 23andMe at around $3.5 billion.CEO Anne Wojcicki is considering a proposal to take the genetic testing company private after its stock price has tumbled more than 95% from its 2021 highs.with the U.S. Securities and Exchange Commission late Wednesday.
The committee said it has been made aware of Wojcicki's interest in acquiring all of 23andMe's outstanding shares, according toThursday. She currently owns shares that make up more than 20% of those outstanding, which equates to around 49% of voting power, the release said. "The Special Committee will carefully review Ms. Wojcicki's proposal when and if it is made available and evaluate it in light of other available strategic alternatives, including continuing to operate as a publicly traded company," the committee said in the release. "The Special Committee is committed to acting in the best interests of 23andMe and its shareholders."
The committee has engaged Wells Fargo as its financial advisor, and it said there is "no assurance" that Wojcicki's offer would result in the proposed outcome.
Source: News Formal (newsformal.com)
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