WOO announces that it will repurchase the shares and tokens acquired in WOO’s 2021 Series A financing from 3AC

Odaily Planet Daily News Cryptocurrency exchange WOO said today that it plans to repurchase its own stocks and tokens previously acquired by failed hedge fund Three Arrows Capital to "eliminate uncertainty." WOO said in a statement that it had reached a settlement with Teneo, the liquidator of 3AC, to buy back the shares and tokens acquired by the hedge fund in WOO’s Series A financing in November 2021. WOO plans to increase the ownership of all other shareholders proportionally, and the 20 million tokens repurchased will be sent to the burning address. WOO declined to disclose the total value of the repurchased shares and tokens. 3AC was the largest investor in WOO’s Series A round, purchasing equity as well as 25 million WOO tokens, with the remainder to be unlocked over the next 12 months, according to the statement. WOO co-founder Jack Tan said in a statement: "We are pleased to remove the uncertainty related to 3AC from the WOO ecosystem." (The Block)