23andMe slumps after filing for bankruptcy protection

Shares of genetic testing firm 23andMe ME.O fall 42.5% to $1.03 premarket

On Sunday, ME filed for Chapter 11 bankruptcy protection to facilitate the sale of co

Co's CEO, Anne Wojcicki, has resigned after her attempts to buy out the company were rejected multiple times

Wojcicki plans to make another bid to buy the co during the bankruptcy process

Co has secured $35 mln in financing to continue operating during the sale process

Co's latest valuation is $50 mln, which is much lower than its $3.5 bln market value when it went public in 2021

Stock fell 79.5% in the last 12 months