23andMe Board Rejects CEO's $0.40/Share Take-Private Proposal Amid 96% Stock Decline

Aug 2, 2024, 12:02 PM

Anne Wojcicki, CEO and co-founder of 23andMe, has made a non-binding proposal to take the genetic testing company private. Wojcicki offered $0.40 per share for all outstanding shares not already owned by her trust, valuing the deal at $200M. This offer came as the company's stock price has significantly declined, trading at less than $1 from a peak of $16 per share and being 96% down from its SPACed valuation of $3.5B under Virgin Group. Despite this, a special committee of 23andMe's board has rejected the proposal, stating they are not prepared to move forward with the offer. The board has asked Wojcicki to withdraw any plans to oppose alternative deals and expects her full support in developing a revised business plan to stabilize the company's path to profitability.