Subsequent Events

12 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Special Committee

On April 17, 2024, Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe amended her Schedule 13D filing with the Securities and Exchange Commission to disclose that she is considering making a proposal to acquire all of the outstanding shares of 23andMe that she does not currently own. As of the date of such amendment, Ms. Wojcicki owned shares constituting more than 20% of the total outstanding shares, entitling her to approximately 49% of the voting power of the total outstanding shares of 23andMe. Ms. Wojcicki also indicated in her Schedule 13D filing that she wishes to maintain control of 23andMe and, therefore, will not be willing to support any alternative transaction.

On April 18, 2024, the Company announced that the Board had formed a special committee composed of independent members of the Board (the “Special Committee”) on March 28, 2024. The role of the Special Committee is to review strategic alternatives that may be available to 23andMe to maximize shareholder value. The special committee will carefully review Ms. Wojcicki’s proposal when and if it is made available and evaluate it in light of other available strategic alternatives, including continuing to operate as a publicly traded company. The Special Committee is committed to acting in the best interests of 23andMe and its shareholders.

Purchase Obligations

In May 2024, the Company entered into a non-cancellable, long-term contract extension with a vendor to purchase PGS Kits with additional estimated future minimum payments of $11.3 million through December 2026.