Anne Wojcicki, the CEO and co-founder of 23andMe has stepped down as the company faces financial struggles and seeks to reduce expenses.
Not only that, 23andMe announced late Sunday that it will file for bankruptcy.
Her departure follows multiple unsuccessful attempts to take the struggling DNA-testing company private.
3andMe’s stock, which has already lost most of its value since last spring, dropped below $1 in premarket trading on Monday.
As per multiple reports, 23andMe has decided to sell most of its assets as part of a legal restructuring process.
Although, the company's CEO has resigned but will still be part of the board.
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As per the reports, 23andMe has been facing financial difficulties since it became a public company in 2021.
The company has now filed for bankruptcy voluntarily after months of instability.
Last September, all independent board members resigned after negotiations with Wojcicki who had been attempting to take the company private.
In November, the company announced major cost-cutting measures, including laying off 40% of its employees (over 200 people) and shutting down its therapeutics division.
In January, a special committee of the board announced that it was considering different options for the company's future, including the possibility of selling the business.
23andMe will continue its business operations and has obtained $35 million in funding from JMB Capital Partners to help manage its finances while going through bankruptcy.
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