23andMe’s Stock Tanks After DNA-Testing Company Files for Bankruptcy

Dow Jones

24 Mar

23andMe Holding Co.'s stock tumbled 43% early Monday, after the DNA-testing company filed for Chapter 11 bankruptcy, just months after admitting there was substantial doubt about its ability to continue as a going concern.

The company $(ME)$ has asked the court for "first-day" relief that will allow it to pay employee wages and benefits, along with vendors and suppliers. The debtors have also requested approval to reject numerous contracts, including real estate leases in Sunnyvale and South San Francisco to reduce operating costs.

The debtors are seeking authorization to pursue a structured sale of assets via an auction and sale process. A special committee has been formed and the company has hired Moelis & Co. LLC as an adviser.

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