23andMe (NASDAQ:ME) stock is on the move Friday after the company made its public debut on the Nasdaq Exchange yesterday.
Here’s everything investors need 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.
23andMe isn’t the only company that went public recently that investors need to know about.
Several other companies have also been going public recently, or plan to, and we’ve got all the details. That includes the likes of WalkMe (NASDAQ:WKME), Lucid Motors through Churchill Capital (NYSE:CCIV), and many more. You can learn all about that by checking out the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.