The genetic test project in southern San Francisco 23ndme witnessed that its shares exceed more than 50 % on Monday after the company announced that it had provided protection from Chapter 11 of bankruptcy.
The company announced on Sunday that it will seek a mandate for the court to sell its assets, describing it “the best way to move forward to increase the value of the work,” according to a report in the bankruptcy court in the United States to the eastern region of Missouri.
The advertisement said that CEO Ann Wujiki will remain on the company’s board of directors.
More than 15 million people have provided 23ndme with DNA samples, representing a group of genetic information that can be sold in bankruptcy procedures. But the company struggled to build profitable business on the DNA test and its efforts to license data for pharmaceutical companies has never been discovered.
California comes. General Rob Punta issued a warning last week to remind consumers of their right to delete their genetic data. 23andme customers can delete their data by logging in to their account.
“California has strong privacy laws that allow consumers to control and request that the company delete its genetic data,” said Punta. “Given the amount of the reported 23ndme, I remember California residents of thinking about calling their rights and directing 23andme to … destroying any samples of the genetic materials that the company maintains.”
The Chairman of the Board of Directors, Mark Jensen, said in a statement that the company will give priority to the protection of consumer data during the sales process. WoJCICKI said in a post on X during the weekend that it aims to buy the company’s assets.
“The privacy of data will be important in any possible treatment,” he said. “We are committed to continuing to protect customer data and transparency about user data management to move forward.”
23.andme shares were traded at 89 cents on Monday after Bunta’s warning.
In order to comply with the requirements of the NASDAQ menu, the company divided the opposite of 20: 1 in the past fall.