23andMe, one among the “leading human genetics and biotechnology firms,” announced that it has filed for bankruptcy.

On Sunday, March 23, 23andMe Holding Co. announced it began voluntarily filing for Chapter 11 Bankruptcy within the U.S. Bankruptcy Court for the Eastern District of Missouri, based on a press release.

“After a radical evaluation of strategic alternatives, now we have determined that a court-supervised sale process is one of the best path forward to maximise the worth of the business,” Mark Jensen, chair and member of the corporate’s Special Committee of the Board of Directors, said in a press release.

23andMe is trying to “sell substantially all of its assets” and is searching for authorization from the court to achieve this, based on the press release.

Along with helping its employees throughout the transition, 23andMe can also be “committed to continuing to safeguard customer data and being transparent concerning the management of user data going forward,” Jensen stated. “Data privacy will likely be a very important consideration in any potential transaction.”

The corporate’s stock fell by 46% on Monday, reported Reuters.

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The announcement of the bankruptcy comes the identical day as the corporate’s CEO, Anne Wojcicki, resigned.

Wojcicki was replaced within the interim by Chief Financial Officer Joe Selsavage, based on Reuters.

The previous CEO attempted multiple takeover bids, but each failed.

Contributing: Reuters, Mary Walrath-Holdridge, Jim Sergent, Jonathan Limehouse, Fernando Cervantes Jr.; USA TODAY

Julia is a trending reporter for USA TODAY. You possibly can connect along with her on LinkedIn, follow her on X, formerly referred to as Twitter, Instagram and TikTok: @juliamariegz, or email her at jgomez@gannett.com

This text originally appeared on USA TODAY: 23andMe files for bankruptcy, CEO Anne Wojcicki resigns