- WOO Network has struck a deal to reclaim shares and equity from 3AC.
- The trading platform lauds the settlements as a “fair deal.”
- WOO says the deal will sever ties with 3AC.
Taiwan-based crypto trading platform WOO Network has announced plans to repurchase shares and tokens initially sold to the now-bankrupt Three Arrows Capital (3AC) two years ago.
In November 2021, WOO conducted its $30 million Series A funding, in which 3AC was listed as the largest investor after purchasing equity and 25 million WOO tokens, which were scheduled to vest over the following 12 months.
A “Fair” Repurchase Deal
In a blog post dated October 11, the WOO team confirmed media reports that it had settled with Three Arrows Capital creditors, Teneo, to reclaim the shares and tokens acquired by 3AC in the November 2021 Series A funding round.
Sponsored
Touted to foster an equitable solution for all shareholders, the deal will see WOO cancel 3AC’s shares, increase all shareholders’ equity proportionally, and repurchase 20 million tokens, which would be sent to the burn address.
“We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to secure a fair deal to repurchase our shares and both vested and vesting tokens from 3AC's estate. We are looking forward to executing our mission without further distractions from the 3AC fallout,” Woo Co-Founder Jack Tan said.
The statement noted that WOO’s shares and tokens repurchase deal came at an “attractive” discount and that acquiring the assets would successfully sever the remaining link between the trading platform and 3AC, along with its creditors.
Looking into an Optimistic Future
Tan noted that the crypto industry has been hit with waves of bad news emanating from large-scale failures and “more overzealous” regulators in the last 18 months and inferred that WOO Network is looking forward to rebuilding with its team and partners following a “thorough cleansing of the system.”
Sponsored
Despite the optimism, the WOO token is still trading at around $0.17 after shedding nearly half its value in the market-wide plunge witnessed in the last six months.
Stay updated on why 3AC Co-Founder was recently arrested:
Three Arrows Capital Co-Founder Arrested at Airport
Read why 3AC founders were banned from Singapore:
Three-Arrows Capital Founders Handed a Hefty Ban from Singapore
