Bankruptcy: 23andMe Holding Co.

Form Type: 8-K

Filing Date: 2025-05-19

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000095014225001416

Filing Summary: On May 19, 2025, 23andMe Holding Co. announced through a press release the results of the auction of its assets, as part of its ongoing Chapter 11 bankruptcy proceedings. The company had filed for Chapter 11 protection on March 23, 2025, due to financial distress. Following an auction held from May 14 to May 16, 2025, Regeneron Pharmaceuticals, Inc. was selected as the successful bidder to acquire substantially all of 23andMe's assets for $256 million in cash, along with the assumption of certain specified liabilities. The Asset Purchase Agreement is subject to court approval, with a hearing scheduled for June 17, 2025. In the course of its bankruptcy, trading of 23andMe's Class A common stock was suspended on March 31, 2025, and it began trading on the OTC Pink Market under the symbol 'MEHCQ.'

Form Type: 8-K

Filing Date: 2025-05-02

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000119312525111635

Filing Summary: On March 23, 2025, 23andMe Holding Co. and its subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Missouri. The document details the company's receipt of a delisting notification from Nasdaq, with trading on the Nasdaq suspended since March 31, 2025. The company's Class A common stock began trading on the OTC Pink Market under the symbol 'MEHCQ'. On April 28, 2025, the company entered into a Senior Secured, Super-Priority Debtor-in-Possession Loan Agreement with JMB Capital Partners Lending, LLC, approved by the Court. This agreement allows for up to $35 million in financing, subject to specific conditions, with $10 million immediately available and a further $25 million contingent on Court approval of a Stalking Horse Purchase Agreement by May 7, 2025. The DIP facility will be used to pay expenses associated with the Chapter 11 cases and for working capital. The agreement includes standard covenants typically found in debtor-in-possession financing agreements. The document warns of the speculative nature of trading in the company's securities during the bankruptcy proceedings and discusses potential risks associated with the outcomes of these proceedings.

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.

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.