23andMe CEO Anne Wojcicki has submitted a proposal to take the genetic testing company private.
She is prepared to acquire all of 23andMe's outstanding shares of common stock in cash for 40 cents per share, according to a filing with the SEC on Wednesday.
23andMe has struggled to generate steady recurring revenue since customers only needed to take its DNA test once to get their results. Wojcicki said she was prepared to acquire all of 23andMe's outstanding shares of common stock in cash for 40 cents per share, according toThe proposed price of 40 cents per share reflects an 11% premium to 23andMe's closing stock price from April. Wojcicki's intention is to complete the transaction "as promptly as possible," the filing said.
"Our experience with the short-term focus of the public markets has led me to believe that the Company will be best equipped to execute against this mission as a private entity, allowing us to remove certain public company costs and distractions," Wojcicki wrote in the proposal.from the Nasdaq Listing Qualifications Department, which said the company had 180 days to bring its share price back above $1.
The Special Committee will need to approve or reject Wojcicki's proposal to take the company private, according to the filing Wednesday.Nvidia could be on the verge of a massive technical sell-off, chart analyst warnsBuy and hold these 5 attractively valued growth stocks for the next decade, the pros say
Health Care Industry Enterprise Internet Technology Breaking News: Technology Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
23andMe CEO files proposal to take company private as stock craters23andMe CEO Anne Wojcicki has submitted a proposal to take the genetic testing company private.
Read more »
Celebrity makeup artist shares top tips for sweat-proof summer makeupKelli Anne Sewell is a celebrity makeup artist and founder of Makeup By Kelli Anne.
Read more »
How GM CEO Mary Barra, IBM former CEO Ginny Rometty learned to be ‘women' leaders Mary Barra and Ginny Rometty discuss being female role models in business with CNBC’s Leslie Picker at the inaugural CNBC CEO Council: Leaders’…
Read more »
How GM CEO Mary Barra, IBM former CEO Ginny Rometty learned to be women leadersMary Barra and Ginny Rometty discuss being female role models in business with CNBC's Leslie Picker at the inaugural CNBC CEO Council: Leaders' Library.
Read more »
How GM CEO Mary Barra, IBM former CEO Ginni Rometty learned to be women leadersMary Barra and Ginni Rometty discuss being female role models in business with CNBC's Leslie Picker at the inaugural CNBC CEO Council: Leaders' Library.
Read more »
Get this Amazon Prime Day deal and save on 23andMe DNA test kitsLearn more than you could ever imagine!
Read more »