TPS Capital Claims It's Independent from Three Arrows Capital

TPS Capital, which was suspected to be the OTC desk of Three Arrows Capital (3AC), released a statement to clarify its relationship with 3AC. TPS Capital said that it's "an independent legal entity and its operations are separate and distinct from those of 3AC" and "TPS is run by a separate management team and operates its main count business without the involvement of 3AC or its principals." Since January 2021, 3AC hasn't held any shares of TPS. Su Zhu and Kyle Davis, co-founders of 3AC, both had indirect equity interests in TPS, but were passive investors and did not run or have any direct control over TPS's day-to-day operations. Besides, TPS said that 3AC was merely a client, and its most recent dealing with 3AC was limited to acting as an agent of loans between lenders and 3AC. Currently, TPS is a creditor of 3AC.