MemeCore has entered into a $1 billion agreement with public company ZeroStack (NASDAQ: ZSTK), which is developing decentralized infrastructure for AI. The deal involves Puple AI Inc. and Blockcat Pte. Ltd. — key participants in the MemeCore ecosystem. The project is a blockchain ecosystem founded on meme culture.
As part of the agreement, Puple AI and Blockcat will transfer 925.9 million MemeCore ($M) tokens to ZeroStack at a price of $1.08 per token. The total value of the transferred assets will be $1 billion. In return, the companies will receive 3.5 million shares of ZeroStack and rights to acquire up to an additional 36.2 million shares.
The share price under the warrants is fixed at $25.19 — more than 12 times higher than ZeroStack's recent market share price. The issuance of additional shares will require approval from ZeroStack shareholders in accordance with Nasdaq rules. 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 connect its ecosystem with ZeroStack's focus on decentralized AI. The companies also intend to explore opportunities for cooperation in the fields of decentralized AI, digital assets, consumer applications, and blockchain economy.
Image: Magnific
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