aja8888
Moderator Emeritus
“I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company,” said the alert, which gave 9-step instructions on how to do that.
Genetic testing and data collection company 23andMe, which had gone public via merger with a SPAC in 2021, finally filed for bankruptcy today. Shortly after the announcement of the company’s merger with Richard Branson’s SPAC in February 2021, the SPAC’s market cap reached $6 billion. Now, the outfit is valued at $19 million.
Branson’s SPAC went public via IPO at $10 a share in late 2020. It then acquired 23andMe at the company’s peak in revenues. The 1-for-20 reverse stock split last October turned each 20 shares [ME] into one share, and thereby turned the SPAC’s IPO price of $10 into $200. And today’s price of $0.73 would be $0.037 on a pre-reverse-split basis (data via YCharts).
Genetic testing and data collection company 23andMe, which had gone public via merger with a SPAC in 2021, finally filed for bankruptcy today. Shortly after the announcement of the company’s merger with Richard Branson’s SPAC in February 2021, the SPAC’s market cap reached $6 billion. Now, the outfit is valued at $19 million.
Branson’s SPAC went public via IPO at $10 a share in late 2020. It then acquired 23andMe at the company’s peak in revenues. The 1-for-20 reverse stock split last October turned each 20 shares [ME] into one share, and thereby turned the SPAC’s IPO price of $10 into $200. And today’s price of $0.73 would be $0.037 on a pre-reverse-split basis (data via YCharts).