Me has filed for Chapter 11 bankruptcy protection and its co-founder and CEO Anne Wojcicki has resigned as the company continues its push to cut costs.

Wojcicki said she intends to become an outside bidder to acquire the company’s assets after her earlier efforts to take 23andMe private failed.

Me, as expected for months now, has formally announced the initiation of Chapter 11 bankruptcy proceedings. The move comes after extensive speculation on the company's future, all while many who had taken part in its genetic testing services continue to raise questions about what,