23andMe(NASDAQ:ME) stock is on the move Friday after the company made its public debut on the Nasdaq Exchange yesterday.
Here’s everything investorsneed to know about the company and it going public.
- To start off with, 23andMe didn’t use an initial public offering (IPO) for its debut.
- Instead, the company combined with special purpose acquisition company (SPAC)VG Acquisition.
- That SPAC merger closed on Wednesday, which saw shares of ME stock start trading publically on Thursday.
- The merger resulted in it raising $592 million in gross proceeds, which it plans to use in expanding its consumer health and therapeutics businesses.
- 23andMe is keeping its current leadership team, but with some minor changes.
- That includes two executives from VG Acquisition joining the company’s Board of Directors.
- 23andMe is a consumer genetics and research company.
- It was founded in 2006 and is headquartered in Sunnyvale, Calif.
- The goal of the company is to better help its customers understand their own genetic information.
- Its work has also resulted in several authorizations for genetic health risk reports from the U.S. Food and Drug Administration (FDA).
- The company uses its research into the human genome to develop drugs to treat a variety of diseases.
- That includes oncology, respiratory, and cardiovascular diseases.
- Trading for ME stock is starting off heavy today with some 1.1 million shares trading hands.
- That’s approaching its average daily trading volume of 1.2 million shares.
ME stock was down 3.8% in early trading on Friday after surging higher during trading on Thursday.
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