WOO Network, a cryptocurrency exchange, has reached an agreement to repurchase shares and tokens previously acquired by bankrupt hedge firm Three Arrows Capital (3AC).
WOO Network Will Buy Back All Tokens And Shares Acquired By Three Arrows Capital
WOO Network, a cryptocurrency exchange, has reached an agreement to repurchase shares and tokens previously acquired by bankrupt hedge firm Three Arrows Capital (3AC).
The agreement, reached with Teneo liquidators in charge of the 3AC estate, allows WOO to repurchase approximately 20 million WOO tokens and additional shares bought by 3AC during the exchange's series A investment round.
WOO co-founder Jack Tan said:
“We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem.[...]We are looking forward to executing our mission without further distractions from the 3AC fallout.”
WOO said the tokens were bought back at an attractive discount, and 3AC’s shares will be canceled while other stakeholders’ equities will be increased in proportionate.
3AC was WOO Network’s largest investor in its 2021 fundraising round. This comes as 3AC co-founder Su Zhu was recently apprehended in Singapore and sentenced to 4 months in prison.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
