23andMe files for Chapter 11 bankruptcy, CEO steps down [USA TODAY]
23andMe Holding Co. (ME)
Company Research
Source: USA TODAY
On Sunday, March 23, 23andMe Holding Co. announced it started voluntarily filing for Chapter 11 Bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Missouri, according to a press release. “After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” Mark Jensen, chair and member of the company's Special Committee of the Board of Directors, said in a statement. 23andMe is looking to "sell substantially all of its assets" and is seeking authorization from the court to do so, according to the press release. In addition to helping its employees throughout the transition, 23andMe is also "committed to continuing to safeguard customer data and being transparent about the management of user data going forward," Jensen stated. "Data privacy will be an important consideration in any potential transaction.” The company's stock fell by 46% on Monday, reporte
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