I had a hard time parsing this - couldn't tell if the Bomb part was false, or the glowstick part.
The "FALSE" refers to the claim that the instructions are for a glow stick. According to Snopes, the instructions are actually for a dangerous chemical bomb.
It is a bit confusing. Snopes could as easily have addressed the claim that this meme is floating around on social media (which apparently is true).
I've only seen warnings about it, not the meme itself. If my experience is typical, it's nice to see (apparently) accurate information outrunning a dangerous hoax for once.