23andMe slumps after filing for bankruptcy protection

Chrome Holding Co

24/03/2025 09:02

** Shares of genetic testing firm 23andMe ME.O fall 42.5% to $1.03 premarket

** On Sunday, ME filed for Chapter 11 bankruptcy protection to facilitate the sale of co

** Co's CEO, Anne Wojcicki, has resigned after her attempts to buy out the company were rejected multiple times

** Wojcicki plans to make another bid to buy the co during the bankruptcy process

** Co has secured $35 mln in financing to continue operating during the sale process

** Co's latest valuation is $50 mln, which is much lower than its $3.5 bln market value when it went public in 2021

** Stock fell 79.5% in the last 12 months

 (Reporting by Kamal Choudhury in Bengaluru)

 ((Kamal.Choudhury@thomsonreuters.com;))