Flora Growth (FLGC) and Memecore's $1B token-stock swap draws skepticism
What's the deal? MemecoreDealroom has a profile for this one. Try Dealroom →, the entity behind the M token, said on its official X account that it entered a $1 billion token-for-stock swap with Nasdaq-listed ZeroStack (ZSTK)Dealroom has a profile for this one. Try Dealroom →, a company known for accumulating 0G tokens. Under the deal, Memecore contributes M tokens in exchange for ZeroStack shares and pre-funded warrants.
Why the doubts? The crypto community quickly flagged the $1 billion figure as overstated. ZeroStack shares were valued at $25.19 in the transaction — roughly 13 times the market price of about $1.89.
What could go wrong? M tokens have a limited circulating supply and are reportedly controlled by a small number of wallets, raising concerns about price manipulation. On-chain analyst ZachXBT warned in June 2026 that M had plunged 80%, from around $3 to $0.5. CryptoSlateDealroom has a profile for this one. Try Dealroom → also reported ZeroStack's viability had become uncertain as its 0G holdings fell sharply.
What it means for both sides: For Memecore, the swap offers a potential exit for M tokens, converting them into shares of a public company — but only if ZeroStack's stock holds its value. For ZeroStack, the M tokens could diversify its asset base while adding a token with a controversial history; the pre-funded warrants could also dilute existing shareholders if exercised.
The signal: The deal reflects a growing trend of token-stock swaps as a route for crypto projects to gain legitimacy and liquidity. It also shows the risk when stated valuations diverge from market reality, leaving retail investors exposed to headline numbers rather than fundamentals.
Read more: Bitcoin World
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