Invitae, a genetic-testing business backed by investors including SoftBank Group and Cathie Wood’s ARK Investment Management, has filed for bankruptcy, blaming poorly-timed acquisitions, macroeconomic headwinds and turnover in its top ranks, WSJ Pro Bankruptcy reported. The San Francisco-based company, with assets of $535 million and debts of $1.6 billion as of Sept. 30, entered chapter 11 Tuesday with a restructuring agreement supported by most of its senior secured bondholders, according to a court filing. The publicly traded company plans to market its assets in a court-supervised auction process. Invitae stock traded at almost 2 cents apiece Wednesday afternoon, down roughly 35%. It had consistently traded in the $2 range as recently as last February. In 2020, its shares were valued at well over $50 each. Invitae attributed its bankruptcy to several factors, including a spate of 13 acquisitions it made between 2019 and 2021.
