Bankruptcy: 23andMe Holding Co.
Form Type: 8-K
Filing Date: 2025-03-28
Corporate Action: Bankruptcy
Type: New
Accession Number: 000119312525067076
Filing Summary: On March 24, 2025, 23andMe Holding Co. and certain subsidiaries filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri. Following this announcement, Nasdaq notified the Company that it would be delisted from The Nasdaq Stock Market due to the bankruptcy filing. Trading of the Company’s Class A common stock will be suspended on March 31, 2025, unless an appeal is made, which the Company does not intend to pursue. The Company expects its Common Stock to potentially be quoted on the OTC Pink Market but cannot guarantee trading will commence or continue in that venue. Risks associated with the Chapter 11 proceedings include uncertainty regarding Court approvals, potential asset sales, and the overall financial viability of the Company going forward. The report emphasizes that trading in the Company's securities during this bankruptcy period is highly speculative and may not reflect actual recovery for security holders.
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Additional details:
Item Title: date_of_earliest_event_reported
Item Value: 2025-03-24
Item Title: chapter
Item Value: 11
Item Title: court_location
Item Value: Eastern District of Missouri
Item Title: common_stock_symbol
Item Value: ME
Item Title: delisting_date
Item Value: 2025-03-31
Item Title: next_steps
Item Value: potentially quote on OTC Pink Market
Item Title: nasdaq_notice_received_date
Item Value: 2025-03-24
Item Title: bankruptcy_petitions_filed_date
Item Value: 2025-03-24
Form Type: 8-K
Filing Date: 2025-03-24
Corporate Action: Bankruptcy
Type: New
Accession Number: 000119312525060817
Filing Summary: On March 23, 2025, 23andMe Holding Co. filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court. The company has entered into a binding term sheet with JMB Capital Partners Lending, LLC, for a $35 million debtor-in-possession (DIP) financing agreement, pending court approval. This financing aims to support the company's operations during the bankruptcy process. The company filed motions to jointly administer the Chapter 11 cases and to pursue a structured sale of its assets. Additionally, they have requested to reject several contracts to reduce ongoing expenses. The board appointed Joseph Selsavage as Interim Chief Executive Officer following the resignation of Anne Wojcicki. The company also agreed to settlements related to a previous cyber incident, amounting to $37.5 million. The company is currently operating as a debtor-in-possession and is seeking first-day relief to manage its operations under the bankruptcy filing, which includes motions for employee wages and benefits, as well as seeking to address potential restructuring options.
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Additional details:
Date Of Bankruptcy: 2025-03-23
Bankruptcy Court: United States Bankruptcy Court for the Eastern District of Missouri
Amount Of Dip Facility: $35 million
Chief Restructuring Officer: Matthew Kvarda
Interim Ceo: Joseph Selsavage
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