MemeCore has entered into a $1 billion agreement with the publicly listed company ZeroStack (NASDAQ: ZSTK), which is developing decentralized AI infrastructure. The deal involves Puple AI Inc. and Blockcat Pte. Ltd. — key participants in the MemeCore ecosystem. The project is a blockchain ecosystem based on meme culture.
As part of the agreement, Puple AI and Blockcat will transfer 925.9 million MemeCore ($M) tokens to ZeroStack at a price of $1.08 per token. The total value of the assets being transferred will be $1 billion. In return, the companies will receive 3.5 million shares of ZeroStack and rights to purchase up to an additional 36.2 million shares.
The stock price for the warrants is fixed at $25.19—more than 12 times higher than ZeroStack's recent market stock price. The issuance of additional shares will require approval from ZeroStack's shareholders in accordance with Nasdaq regulations. Furthermore, these shares will be subject to a lock-up period of up to 10 years.
The deal will enable MemeCore to go public and link its ecosystem with ZeroStack's focus on decentralized AI. The companies also intend to explore opportunities for collaboration in decentralized AI, digital assets, user applications, and blockchain economics.
Image: Magnific
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