Yahoo Finance Struggling 23andMe Granted Extension to Revive Stock Price
(Bloomberg) -- Embattled DNA-testing firm 23andMe Holding Co. has been granted an additional 180 days to move its shares above $1 and avoid being delisted, according to a filing with the Securities and Exchange Commission.
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The stock has traded below the $1 Nasdaq minimum since late last year, with the clock is ticking to regain compliance. It will now have until Nov. 4 to regain compliance.
23andMe agreed to go public in 2021 via a merger with a special purpose acquisition company founded by billionaire Virgin Group founder Richard Branson. It was valued at $3.5 billion at the time. In just a few years, the stock has lost more than 90% of its value as the consumer DNA testing revolution the company sought has been slow to catch on.
The company didn’t immediately respond to a request for comment.
Last month, Chief Executive Officer Anne Wojcicki said she’s considering taking the company private, telling board members she is proposing to acquire the company, according to a filing. In February, she told Bloomberg she was considering several strategies to revive the stock price, among them splitting the company’s drug-development business from its consumer spit kit business.
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