All 7 unbiased supervisors of 23andMe surrendered from the agency’s board Tuesday, a relocation that chief government officer Anne Wojcicki claimed left her “surprised and disappointed,” based on a memorandum to workers members.
Wojcicki, that co-founded 23andMe in 2006, claimed she stays absolutely commited to taking the agency unique.
The genetic-testing agency went public in 2021 with an distinctive perform procurement agency (SPAC), and the share fee has truly been primarily in freefall ever since, happening better than 95% from its excessive. The supervisors created an distinctive board in late March to take a look at attainable programs forward.
Wojcicki despatched a proposition to take the agency unique in July, but it was rejected by the distinctive board, partially as a consequence of the truth that it actually didn’t provide a prices to the closing fee of 40 cents per share on the time.
In a letter to Wojcicki on Tuesday, the supervisors claimed they’d but to see a “fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders.” The supervisors claimed they differ with Wojcicki in regards to the “strategic direction for the company,” in order that they selected to give up dependable immediately.
“That we have not seen any notable progress over the last 5 months leads us to believe no such proposal is forthcoming,” they created. “The Special Committee is therefore unwilling to consider further extensions, and the Board agrees with the Special Committee’s determination.”
Wojcicki created within the workers member memorandum, which was watched by, that she nonetheless sees taking 23andMe unique as its “best opportunity for long term success.” The agency will definitely begin a search for brand-new unbiased supervisors to enroll with the board, she included.
Far from its one-time appraisal of $3.5 billion, 23andMe at the moment has a market cap of below $200 million. The shares shut at 34 cents on Tuesday.
Here’s Wojcicki’s full memorandum:
Team 23,
We meant to permit you perceive that the 23andMe Board offered a press release this mid-day specifying that each one of many unbiased supervisors have truly surrendered from the Board, dependable immediately.
I marvel and let down by the selection of the supervisors to give up.
I’ve truly been dedicated to the purpose of 23andMe for the final 18 years and suppose extremely within the chance for hereditary information to alter medical care and the therapeutic exploration process. I proceed to be absolutely commited to our purchasers, my workers members and to our buyers to realize our aims. I stay to suppose that we are going to definitely be a lot better positioned to realize our purpose and aims past the short-term stress of most of the people markets which taking 23andMe unique will definitely be the easiest probability for long-term success.
We will immediately begin recognizing unbiased supervisors to enroll with the board. I want to give because of the supervisors for his or her answer to the agency and its buyers.
I shouldn’t have further information to share proper now, but we will definitely improve as we will atThursday’s Feisty
Anne
ENJOY: 23andMe chief government officer submits to take agency unique
