She is prepared to acquire all of 23andMe's outstanding shares of common stock in cash for 40 cents per share, according to a filing with the SEC on Wednesday.
23andMe has struggled to generate steady recurring revenue since customers only needed to take its DNA test once to get their results. Wojcicki said she was prepared to acquire all of 23andMe's outstanding shares of common stock in cash for 40 cents per share, according toThe proposed price of 40 cents per share reflects an 11% premium to 23andMe's closing stock price from April. Wojcicki's intention is to complete the transaction "as promptly as possible," the filing said.
"Our experience with the short-term focus of the public markets has led me to believe that the Company will be best equipped to execute against this mission as a private entity, allowing us to remove certain public company costs and distractions," Wojcicki wrote in the proposal.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.Nvidia could be on the verge of a massive technical sell-off, chart analyst warnsBuy and hold these 5 attractively valued growth stocks for the next decade, the pros say
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nbcchicago - 🏆 545. / 51 Read more »