Anne Wojcicki, CEO of 23andMe, submits plan to go private as stock value plummets.

• Anne Wojcicki, CEO of 23andMe, has put forth a plan to make the genetic testing company a private enterprise.
• Since customers only need to take the DNA test once to receive their results, 23andMe has faced challenges in consistently generating recurring revenue.

As its stock price remains below $1, Anne Wojcicki, CEO of , has submitted a proposal to take the genetic testing company private.

According to a Wednesday filing with the U.S. Securities and Exchange Commission, Wojcicki said she was prepared to acquire all of 23andMe's outstanding shares of common stock in cash for 40 cents per share. In April, she expressed interest in acquiring the company and stated that she will "not be willing to support any alternative transaction."

The proposed price of 40 cents per share represents an 11% premium above 23andMe's closing stock price from April, according to the filing. Wojcicki aims to complete the transaction as quickly as possible, the filing stated.

Shares of 23andMe closed at 40 cents on Wednesday.

In 2006, the former billionaire co-founded 23andMe, a company that produces at-home DNA testing kits to provide customers with insights into their family histories and genetic profiles. The company's popularity soared, and in 2021, it went public through a merger with a special purpose acquisition company, valuing it at approximately $3.5 billion.

Since customers only need to use the company's DNA product once to receive their results, the company has struggled to generate steady recurring revenue. As a result, the company's stock has fallen more than 95% since its initial public offering.

Wojcicki wrote in the proposal that our experience with the short-term focus of the public markets has convinced me that the Company will be better suited to achieve its mission as a private entity, enabling us to eliminate certain public company expenses and distractions.

In March, the company formed a "Special Committee" to explore options that could boost its stock price, which had fallen below $1 and resulted in a deficiency letter from the Nasdaq Listing Qualifications Department in November.

23andMe declined to comment.