Coinspeaker
WOO Network Repurchases from Bankrupt Hedge Fund 3AC to ‘Clear the Uncertainty’
WOO Network has announced its decision to repurchase shares and tokens it sold to defunct Singaporean hedge fund Three Arrows Capital (3AC) back in 2021. The Taiwan-based trading platform and liquidity provider said in a press release that it has reached an agreement with Teneo, 3AC’s liquidator.
The press release states that WOO has agreed to cancel the shares 3AC bought during a Series A funding round. It will also repurchase 20 million WOO tokens, currently worth about $3.4 million. Reportedly, the tokens have now been sent to a burn address. WOO did not reveal the total value of all the tokens and shares. Also, while WOO raised $30 million in its Series A round, the exact investment from 3AC is unknown. 3AC was the round’s largest investor.
WOO Puts 3AC Uncertainty to Rest
WOO co-founder Jack Tan noted in a statement that the company is happy to clear up any misconceptions about its
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