23andMe independent board directors resign en masse
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All seven independent directors of 23andMe resigned on Tuesday night, in a stunning rebuke of CEO Anne Wojcicki's efforts to take the genetic testing company private.
Zoom in: Among those quitting were longtime VC backers of 23andMe, like Sequoia Capital's Roelof Botha and xFund's Patrick Chung.
Catch up quick: 23andMe went public in 2021 via a SPAC formed by Richard Branson's Virgin Group, securing a $3.1 billion valuation. But its shares have since traded down more than 95%, settling yesterday at just 34 cents per share.
- Wojcicki offered in July to take the company private, but the offer was rejected by 23andMe's special committee because it didn't offer a share price premium.
- She's continued to pursue the effort, but the directors write that she's yet to submit a "fully financed, fully diligenced, actionable proposal."
- Wojcicki, whose sister Susan died just last month, is the only remaining board member.
What the board said: "While we continue to wholeheartedly support the company's mission and believe deeply in the value of the personalized health and wellness offering that you have articulated, it is also clear that we differ on the strategic direction for the company going forward. Because of that difference and because of your concentrated voting power, we believe that it is in the best interests of the company's shareholders that we resign."
What Wojcicki said, per CNBC: She is "surprised and disappointed," but believes a take-private deal is the "best opportunity for long term success."
