Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection and CEO Anne Wojcicki has resigned as the company looks to sell assets to reorganize. This decision comes after a rejected acquisition proposal by Wojcicki and a series of layoffs and discontinuations. The company’s stock value has plummeted, prompting the board to explore strategic alternatives. Board Chair Mark Jensen stated that the court-supervised sale is the best path forward to maximize business value, cut costs, and resolve liabilities. The company remains committed to safeguarding customer data and data privacy as it navigates through this challenging period. They have secured $35 million in financing to support their continued operations.
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