UPDATE: Yesterday, we announced the re-purchasing of equity and tokens from the 3AC liquidators. Today we completed the deal and burned all tokens.
Uncertainty from the 3AC bankruptcy fully mitigated
October 11, 2023 - WOO announced today that it has reached a settlement with Teneo, creditors of the estate of Three Arrows Capital (3AC), which includes repurchasing the shares and tokens acquired by 3AC in WOO’s Series A raise back in November 2021. As an equitable solution to all shareholders, WOO agreed to cancel 3AC’s shares and increase the ownership of all other shareholders proportionally.
The 20M tokens repurchased by WOO were sent to the burn address.
[Above: WOO Co-Founder Jack Tan announcing the burn]
"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 CoFounder Jack Tan said in a statement.
3AC was WOO’s largest investor in the 2021 Series A fundraising round, purchasing equity along with 25 million WOO tokens, the remainder of which were scheduled to vest over the next 12 months. WOO repurchased the shares and tokens as it was able to acquire the assets at an attractive discount and successfully severed the remaining link with 3AC and its creditors.
“The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.” Tan said. He emphasized that the repurchase of shares and tokens positions the ecosystem for a more focused growth trajectory next year.
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