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DNA testing company 23andMe’s CEO Anne Wojcicki is looking to take the company private, according to a Wednesday securities filing.
Wojcicki, the filing said, told a special committee to the board of directors that she plans to speak with partners and other sources that could help finance the take-private, but would not support any “alternative transaction.”
The consumer genetics company, which also develops new medications, has struggled with its dual identity. 23andMe went public in 2o21 via a SPAC deal that valued the company at $3.5 billion and priced the company at $10 per share, though its stock has been trading for under a dollar per share since last fall.
It’s not alone in having a hard time building a sustainable DNA-testing business. Genealogy giant Ancestry laid off 6% of its workforce in March as it struggled to grow subscriber revenue, its fourth round of layoffs in four years, Endpoints News first reported.
The company said in a press release Thursday morning that the special committee for the board will review the proposal.
Wojcicki does not own shares of all the stock that she is proposing to acquire, 23andMe said in the press release. There is no guarantee the plan will go through. She currently has a stake in the company that comprises 20% of its outstanding shares, and has 49% of its voting power.