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23andMe (OTC: MEHCQ) has provided an update on its court-supervised asset sale process and customer data protection measures. The company's Special Committee will evaluate acquisition bids under U.S. Bankruptcy Court supervision. Key highlights:
- No bids will be accepted from entities based in or controlled by countries of concern (China, Cuba, Iran, North Korea, Russia, Venezuela)
- Bidders must guarantee compliance with company privacy policies and laws
- Potential bidders must detail intended use of customer data and privacy programs
- Company has filed motion to appoint independent Customer Data Representative (CDR) to review transaction compliance
The process requires regulatory approvals, including Hart-Scott-Rodino Act and Committee on Foreign Investment reviews. 23andMe maintains strict data privacy protocols and operates under consumer and genetic privacy laws.
