By Denny Jacob
23andMe shares dived 43% in premarket trading Monday after disclosing that it initiated voluntary Chapter 11 bankruptcy proceedings in court to facilitate a sale process.
Shares were trading around $1.02. The stock is down 80% over the last year.
The DNA-testing company said it's seeking a court authorization to sell substantially all of its assets through the bankruptcy proceedings. It intends to use the proceedings to resolve all outstanding legal liabilities stemming from a prior cyberattack.
23andMe earlier in the year signaled such a move was possible. The company in January said it was exploring strategic alternatives, including a sale of some or all of its assets, in the face of a cash crunch.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 24, 2025 06:32 ET (10:32 GMT)
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