23andMe's DNA De-List: From $6 Billion to Chapter 11 - Better Call Saul!

Say Goodbye to the Stock Hello to Bankruptcy Court!

Folks it's your favorite lawyer Saul Goodman here reporting on a real head scratcher. 23andMe the company that promised to unlock the secrets of your DNA for a few measly dollars is pulling a disappearing act from the Nasdaq. Yes you heard it right! They're voluntarily delisting. Talk about a plot twist! They are filing a Form 25 Notification of Delisting with the SEC on or around June 6 to remove the stock from listing and registering with the Nasdaq.

Regeneron to the Rescue? (Or is it a Hostile Takeover?)

Word on the street – or should I say the boardroom – is that Regeneron Pharmaceuticals is swooping in to grab "substantially all" of 23andMe's assets for a mere $256 million. Now I've seen better deals on late night infomercials! But hey when you're staring down the barrel of Chapter 11 you take what you can get. Seems like Regeneron won the bid during a bankruptcy auction.

From Riches to Rags: A Real Cinderella Story Gone Wrong

Remember when 23andMe was the belle of the ball valued at a cool $6 billion? They were riding high on the promise of at home DNA tests. Everyone and their mother wanted to spit in a tube and discover their ancestry. But as I always say "Better call Saul!" because things that seem too good to be true usually are. All that glitters is not gold folks.

The SPAC Attack: When Wall Street Goes Wild

They went public via a SPAC merger in 2021 and couldn't keep the momentum going. Recurring revenue dried up faster than a puddle in the New Mexico sun and their research and therapeutics businesses couldn't stand on their own two legs. Reminds me of a certain meth empire I knew...brief success followed by a spectacular collapse. Ouch!

Eastern District of Missouri: Where Deals Go to Die (or Get Approved)

Now this Regeneron deal ain't a done deal yet. It's gotta get the thumbs up from the U.S. Bankruptcy Court for the Eastern District of Missouri. Let's hope they don't have any skeletons in their closets (or you know genetically predisposed health conditions). Assuming everything goes smooth they're shooting for a closing in the third quarter.

Need a Lawyer? You Know Who to Call!

So what's the takeaway here folks? Sometimes the best laid plans go south. And when they do you need someone who knows the system someone who can bend the rules (just a little) someone who can… well you know. Better call Saul! I can get you out of any situation or at least make you feel better about being in it.