- 23andMe (OTC: MEHCQ) updates on court-supervised asset sale process under strict privacy protocols.
- All bidders must comply with privacy policies, detailing intended use of customer data.
- No bids accepted from entities controlled by countries of concern like China and Russia.
23andMe Holding Co. (OTC: MEHCQ), a leader in human genetics and biotechnology, has announced updates on its court-supervised asset sale process, emphasizing stringent customer data protection measures. The company's Special Committee will evaluate acquisition bids under the supervision of the U.S. Bankruptcy Court for the Eastern District of Missouri.
23andMe's asset sale process requires bidders to guarantee compliance with existing privacy policies and applicable laws. Importantly, bids will not be accepted from entities based in or controlled by countries deemed of concern, such as China, Cuba, Iran, North Korea, Russia, and Venezuela. This measure aims to maintain customer privacy and national security.
The company has filed a motion to appoint an independent Customer Data Representative (CDR) to ensure that any transaction adheres to privacy policies and data security laws. This additional oversight underscores 23andMe's commitment to protecting customer data as it navigates Chapter 11 bankruptcy proceedings.
Regulatory approvals will be critical to the sale process, including reviews under the Hart-Scott-Rodino Act and the Committee on Foreign Investment in the United States. Bidders are also required to provide detailed descriptions of their intended use of customer data and any changes they might propose to the current privacy policies, which must comply with existing regulations.
These measures are part of 23andMe's broader strategy to maintain its rigorous data privacy standards and ensure transparency and security in all aspects of its operations as it proceeds with the sale process. Further information regarding the Chapter 11 filing and sale process can be accessed through the company's official channels.
