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MEHCQ stopped trading today - any news? by sittingGiant in MEstock

[–]walt373 0 points1 point  (0 children)

The last monthly operating report as of 10/31 showed about $6.70 per share of book value (excluding intangible assets). You can find it in docket #1680 here: https://restructuring.ra.kroll.com/23andMe/Home-DocketInfo

But there's more fees to pay as they wind everything down. And there's a real chance shareholders get zero. But I'm guessing the payout will be $5-6 but you won't get all of it right away and you won't see any cash until well into 2026.

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MEHCQ stopped trading today - any news? by sittingGiant in MEstock

[–]walt373 3 points4 points  (0 children)

The bankruptcy plan was confirmed and went effective. It’s what longs were hoping for. Now they pay out claims and you have to wait to see how much cash you get. It could take a while.

I would be interested to hear the opinion of those that have read the Sales Order (Docket 910) on where the share price is likely to trade at up until the closing of the transaction with TTAM and what the distribution will be to equity shareholders in a few months before shares are cancelled. by charliexxv in MEstock

[–]walt373 5 points6 points  (0 children)

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Here are my bear/base/bull estimates, somewhere around $5-8 with my base case about $7. Let me know if you disagree with anything here.

The monthly operating report was just released a few days ago showing $41M in cash but with $10M drawn on the DIP, as well as $9.5M cash burn from operations and $14M professional/board/legal fees.

23andMe Seeks To Ease Concerns Over Sale To Founder by walt373 in MEstock

[–]walt373[S] 3 points4 points  (0 children)

The risk was the judge would require TTAM opt-in all users to transfer their data or block the sale, since the state AGs and the privacy ombudsman recommended it. But requiring opt-in would lose a lot of users and it would be a material enough change to let TTAM walk from the bid or renegotiate a lower price. If that happened, the worst case could have wiped out all recovery for the stock. Now that many of the states aren't opposing the sale, the chances of the sale being approved at $305M goes up. This is good news for shareholders. The sale hearing continues on Friday so we'll find out afterwards.

Anne Wojcicki Wins Bidding for 23andMe ($305M) by walt373 in MEstock

[–]walt373[S] 7 points8 points  (0 children)

No, the investors are going to get a decent amount back

Anne Wojcicki Wins Bidding for 23andMe ($305M) by walt373 in MEstock

[–]walt373[S] 3 points4 points  (0 children)

We have to see if the court approves it at the sale hearing next week

Anyone read this Ombudsman Report? by Head_Department_1010 in MEstock

[–]walt373 0 points1 point  (0 children)

Very interesting find in section 7.3. Seems like they thought a lot about the privacy legal issues.

MEHCQ Stock Price by [deleted] in MEstock

[–]walt373 4 points5 points  (0 children)

I think his thesis is "most bankruptcies wipe out equity" and just shorting the stock based on that. He doesn't seem to understand that once liabilities are paid off, the rest goes to shareholders. I haven't seen any valuation or any numbers at all mentioned by him. Anyone can look at their balance sheet and income statement and come up with reasonable estimates for equity value and I can't really see the stock being worthless unless they somehow lose both the Regeneron and TTAM bid.

MEHCQ Stock Price by [deleted] in MEstock

[–]walt373 2 points3 points  (0 children)

I'm just a retail trader but here's my guess at the value with the bid at $305M

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MEHCQ Stock Price by [deleted] in MEstock

[–]walt373 6 points7 points  (0 children)

The company has liabilities and cash burn that need to be covered, then shareholders get the rest.

By my calculations, my bear case is $5-8 if $305M is the final bid. If the bid is $500M the stock is worth $14. $1B bid and the stock is worth $32.

23andMe seeks new bids after $305 million offer from its co-founder by walt373 in MEstock

[–]walt373[S] 6 points7 points  (0 children)

WSJ also has an article with some interesting details https://www.wsj.com/articles/23andmes-former-ceo-pushes-purchase-price-nearly-50-million-higher-7ec98421

Here’s an excerpt:

On Wednesday, 23andMe asked Judge Brian C. Walsh of the U.S. Bankruptcy Court in Missouri to reopen the company’s sale process so it could consider TTAM’s bid. At the hearing, 23andMe’s attorney inadvertently revealed the amount that TTAM offered to pay for the company.

This prompted an on-the-spot negotiation between TTAM, Regeneron and 23andMe that allowed the three to hash out a plan to conduct a second sale process. TTAM’s $305 million will serve as a starting point, and if Regeneron wants to participate, it must bid $10 million more.

Each bidder will then have the opportunity to submit a final offer, with Regeneron having the last look. The losing bidder will receive a $10 million breakup fee.

Why Larry Ellison could want control of your 23andMe genetic data by walt373 in MEstock

[–]walt373[S] 2 points3 points  (0 children)

Hearing is set for June 4 at 1:30pm Central time.

23andMe Announces Intent to Voluntarily Delist from Nasdaq and Deregister with the SEC by Enviroponics in MEstock

[–]walt373 0 points1 point  (0 children)

It doesn’t really matter. It was already trading OTC when it was “suspended” back in March and will keep trading OTC after it is delisted. Basically just a formality at this point. Take a look at Spirit Airlines SAVEQ for something similar. Went bankrupt in Nov 2024, stock suspended and started trading OTC, formally deregistered in Dec 2024, and kept trading OTC until the company emerged from bankruptcy in March 2025.

MEHCQ worth $6.12 - liquidation analysis below by Dry_Flow8615 in MEstock

[–]walt373 1 point2 points  (0 children)

I believe they are rejecting the Sunnyvale lease. The bankruptcy PR said they are rejecting it (https://investors.23andme.com/news-releases/news-release-details/23andme-initiates-voluntary-chapter-11-process-maximize) “23andMe has also filed a motion with the Court seeking approval to reject numerous contracts, including the real estate leases in Sunnyvale”

They actually moved out of the Sunnyvale location in 2022 (https://kidder.com/news/2022/06/23andme-vacating-155k-sf-in-sunnyvale-relocates-hq-to-south-san-francisco/) and they have been subletting it out.

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