FG Merger II Corp. (NASDAQ: FGMC) has released the results of share redemptions ahead of its June 9 special meeting to vote on the proposed business combination with BOXABL, a company that manufactures affordable, modular homes. According to the announcement, approximately 6.6 million shares were tendered for redemption, resulting in an expected removal of around $68.8 million from FGMC’s trust account. This leaves approximately $14 million remaining in the trust and about 1.4 million public shares outstanding.
Stockholders who do not redeem their shares, or who withdraw redemption requests before the closing of the transaction, are expected to become shareholders of BOXABL upon completion of the merger. If the deal receives stockholder approval and all remaining closing conditions are satisfied, the combined company will be renamed BOXABL Inc. and its shares are expected to trade on Nasdaq under the ticker symbol BXBL.
This development is significant because it provides clarity on the level of support from FGMC’s public shareholders and the amount of cash that will be available to the combined entity. The remaining trust balance, while reduced, still provides capital to support BOXABL’s operations and growth plans. BOXABL is known for its innovative approach to housing, aiming to address affordability and speed of construction. Its flagship product, the Casita, is a 361-square-foot studio unit that unfolds on-site in less than an hour and includes a full kitchen, bathroom, and utilities. Additionally, BOXABL has announced the Baby Box, a smaller 120-square-foot unit built to RV code for simpler, no-foundation setups, and is developing stackable and connectable models that can form townhomes, multifamily units, or larger single-family homes.
The merger represents a milestone for BOXABL as it seeks to scale its manufacturing and distribution capabilities. By becoming a publicly traded company, BOXABL could gain access to capital markets to accelerate its mission of delivering affordable housing. For FGMC shareholders, the merger offers an opportunity to participate in the growth of a company that is tackling critical housing challenges.
For more information about BOXABL and its products, visit www.boxabl.com. Additional details about FG Merger II Corp. are available at https://fgmerger.com.
