ME Stock Alert: CEO Anne Wojcicki Seeks to Save 23andMe in Take-Private Deal

23andMe (NASDAQ:ME) stock is on the move Thursday after CEO Anne Wojcicki proposed taking the consumer genetics testing company private.

A filing with the Securities and Exchange Commission (SEC) reveals that Wojcicki notified members of the Board of Directors Special Committee about such a plan on April 13. She is currently working with advisors on the deal and intends to seek financing soon.

Here’s a portion of the 23andMe take-private details provided in the SEC filing.

“Ms. Wojcicki stated that any proposal by her would be conditioned irrevocably upon the approval of the Special Committee and a majority of the unaffiliated stockholders of the Issuer. Ms. Wojcicki also indicated that she wishes to maintain control of the Issuer and, therefore, will not be willing to support any alternative transaction.”

What This Means for ME Stock

If the 23andMe CEO is successful it would result in shares of ME stock no longer trading publically. This could be an effort to save the company as lackluster earnings have chipped away at its share price.

It’s also worth noting that ME stock hasn’t been on the public market for very long. The company only went public in 2021 and it did so through a merger with a special purpose acquisition company (SPAC).

ME stock is up 40% as of Thursday morning with 22 million shares traded. Its daily average trading volume is below that at 6.6 million shares.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/04/me-stock-alert-ceo-anne-wojcicki-seeks-to-save-23andme-in-take-private-deal/.

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