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23andMe (OTC: MEHCQ) has announced its intention to voluntarily delist from Nasdaq and deregister with the SEC. The company plans to file a Form 25 Notification of Delisting around June 6, 2025. This follows Nasdaq's suspension of 23andMe's Class A common stock trading on March 31, 2025. The delisting action comes after the company and its subsidiaries initiated voluntary Chapter 11 bankruptcy proceedings on March 23, 2025 in the U.S. Bankruptcy Court for the Eastern District of Missouri. Following the effectiveness of the Nasdaq delisting, 23andMe intends to file a Form 15 to complete its SEC deregistration.
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.
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