Crypto exchange WOO has announced its plans to buy back its own shares and tokens that were previously acquired by the failed hedge fund Three Arrows Capital, in order to resolve any uncertainty surrounding the situation.
According to a statement released by WOO, the company has reached a settlement with Teneo, the liquidator of 3AC, to repurchase the shares and tokens that were acquired by the hedge fund in WOO’s Series A funding round in November 2021.
As part of this buyback, WOO also plans to increase the ownership of its other shareholders proportionally, while burning 20 million tokens that were repurchased.
The exact value of the repurchased shares and tokens was not disclosed by WOO.
WOO also revealed that 3AC was its largest investor in the Series A round, which included the purchase of equity and 25 million WOO tokens, with the remaining tokens set to vest over the next 12 months.
