23andMe Holding Co. (ME) stock rose sharply Thursday after it was revealed that Anne Wojcicki, the company's Chief Executive Officer and Co-Founder, plans to take the company private.
The DNA-testing company, which has been public for three years, has seen its stock price tumble from highs of over $18 per share in 2021.
As of 09:38 am ET, 23andMe shares are trading at $ 0.4403, reflecting a significant 23.61% increase following the news of Anne Wojcicki's plan. The stock initially surged to $0.4719 after closing Wednesday's session at $0.3562 per share.
Wojcicki's intentions were revealed in a public filing late Wednesday. The filing stated she is considering making a proposal to acquire the company and is working with advisors and intends to begin speaking to potential partners and financing sources.
Wojcicki also indicated she wishes to maintain control of the company and will not be willing to support any alternative transaction. She currently owns shares constituting more than 20% of the total outstanding shares, entitling her to approximately 49% of the voting power of 23andMe.