TechFlow news, according to The Block, cryptocurrency exchange WOO plans to repurchase shares and tokens previously acquired by hedge fund Three Arrows Capital (3AC) in order to eliminate uncertainties.
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WOO stated it has reached a settlement with Teneo, the liquidator of 3AC, to repurchase the shares and tokens that 3AC obtained during WOO's Series A funding round in November 2021.
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In addition, WOO plans to proportionally increase equity stakes for other shareholders and burn the 20 million repurchased tokens. WOO did not disclose the total value of the repurchased shares and tokens.
It is reported that 3AC was once the largest investor in WOO’s Series A round, purchasing equity and 25 million WOO tokens, with the remaining tokens scheduled to unlock over the next 12 months.
Jack Tan, co-founder of WOO, said they are pleased to have resolved the uncertainty related to 3AC and worked collaboratively with the liquidator to achieve a fair buyback agreement. He added that the industry has faced setbacks over the past 18 months, and they look forward to rebuilding together with partners and the team.
