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Subsequent Events
 6 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Capital Structure - Reverse Stock Split
As previously disclosed, at the Annual Meeting, the Company’s stockholders, by an affirmative vote of the holders of at least two-thirds (67%) of the voting power of the outstanding shares of the Company’s Class A common stock and Class B common stock, voting together as a single class, approved a proposal authorizing the Company’s Board of Directors, in its discretion, to effect a reverse stock split of the Company’s outstanding shares of Class A common stock and Class B common stock, respectively, by a ratio of not less than one-for-five and not more than one-for-thirty, with the exact ratio to be set within this range by the Company’s Board of Directors in its sole discretion.
On October 7, 2024, the Board approved the Reverse Stock Split at a ratio of one-for-twenty, to be effective at 12:01 a.m. Eastern Time on October 16, 2024. On October 11, 2024, the Company filed the Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, which became effective as of 12:01 a.m., Eastern Time on October 16, 2024. As a result of the Reverse Stock Split, every 20 shares of the Company’s Class A common stock and Class B common stock were automatically combined into one issued and outstanding share of the Company’s respective Class A common stock and Class B common stock, without any change in their respective par values per share.

The Company did not issue fractional shares in connection with the Reverse Stock Split. Instead, stockholders who otherwise would have been entitled to receive fractional shares because they held a number of shares not evenly divisible by the Reverse Stock Split ratio were automatically entitled to receive an additional fraction of a share of Class A common stock or Class B common stock, as applicable, to round up to the next whole share.

Commencing on October 16, 2024, trading of the Company’s Class A common stock continued on The Nasdaq Capital Market on a Reverse Stock Split-adjusted basis. The Company’s trading symbol remains “ME.”
The impact of the Reverse Stock Split was applied retroactively for all periods presented in accordance with applicable guidance. There was no change to the total number of authorized shares of Class A common stock of 1,140,000,000 and the total number of authorized shares of Class B common stock of 350,000,000.
Nasdaq Minimum Bid Requirement
On October 30, 2024, the Company received written notice (the “Compliance Notice”) from the Staff informing the Company that it has regained compliance with the Minimum Bid Requirement. The Staff notified the Company in the Compliance Notice that, from October 16, 2024 to October 29, 2024, the closing bid price of the Company’s Class A common stock had been $1.00 per share or greater and, accordingly, the Company had regained compliance with the Minimum Bid Requirement and that the matter was now closed.
Appointment of Independent Directors and Nasdaq Listing Rule 5605
On October 29, 2024, the Company announced the appointment of three independent directors to the Company’s Board of Directors, each of whom were appointed to the Audit Committee and Compensation Committee (the “Appointments”). On October 30, 2024, the Company received a letter from the Staff informing the Company that, as a result of the Appointments, the Company has regained compliance with the Corporate Governance Requirements.
Costs Associated with Exit or Disposal Activities
On November 8, 2024, the Company’s Board of Directors approved a reduction in force related to both its Consumer and Therapeutics segments (the “November Reduction in Force.”) The November Reduction in Force also includes the closure of substantially all operations in the Company’s Therapeutics operating segment (together with the November Reduction in Force, the “Reduction Plan”). The Reduction Plan is intended to restructure and strategically align the Company’s workforce and organization with the Company’s current strategy and to reduce the Company’s operating costs.
The Company expects to complete the Reduction Plan substantially during the third quarter of its fiscal 2025, with certain affected employees retained through a transition period expected to end no later than the end of fiscal 2025.
The Company expects to recognize restructuring charges in connection with the November Reduction in Force with respect to severance payments, benefits continuation, and stock compensation charges associated with the modification of certain stock options and restricted stock units (“equity compensation charges”). All such charges are expected to total approximately $11.7 million, of this amount, severance payments and benefit continuation charges are estimated to be approximately $9.3 million and are expected to be recognized primarily during the third quarter of fiscal 2025, with the majority of such charges anticipated to be paid in cash during the same fiscal quarter. Equity compensation charges are expected to be approximately $2.4 million and are expected to be recognized primarily in the third quarter of fiscal 2025, and will not result in any cash expenditures.