Anne Wojcicki, CEO of 23andMe , has submitted a proposal to take the genetic testing company private as its stock price continues to hover below $1.
The proposed price of 40 cents per share reflects an 11% premium to 23andMe's closing stock price from April.
23andMe went public in 2021 via a merger with a special purpose acquisition company, which valued the company at around $3.5 billion.
In November, the company received a deficiency letter from the Nasdaq Listing Qualifications Department, which said the company had 180 days to bring its share price back above $1.
The Special Committee will need to approve or reject Wojcicki's proposal to take the company private, according to the filing Wednesday.
Persons:
Anne Wojcicki, Wojcicki, 23andMe
Organizations:
U.S . Securities, Exchange Commission, Nasdaq, Department
Locations:
Sunnyvale , California