FG Merger II Corp. (NASDAQ: FGMC) announced that approximately 6.6 million shares were tendered for redemption ahead of a June 9 special meeting to vote on the company's proposed business combination with BOXABL. Following the redemption deadline, approximately $68.8 million is expected to be removed from FGMC's trust account, leaving about $14 million remaining and approximately 1.4 million public shares outstanding.
FG Merger II said stockholders who do not redeem their shares, or who withdraw redemption requests before closing, are expected to become shareholders of BOXABL upon completion of the transaction. If approved by stockholders and all remaining closing conditions are satisfied, the combined company is expected to be renamed BOXABL Inc. and begin trading on Nasdaq under the ticker BXBL.
The redemption results are a key indicator of shareholder sentiment ahead of the merger vote. With a significant number of shares redeemed, the remaining cash in trust is reduced, but the deal is still expected to proceed if approved. The special meeting will determine the future of the combined entity, which aims to address the housing crisis through innovative modular building systems.
BOXABL, founded in 2017, is transforming the housing market with its modular building systems designed to deliver affordable, high-quality homes at unprecedented speed. Its flagship product, the Casita, is a 361 square foot studio unit that unfolds on-site in less than an hour. BOXABL also announced the Baby Box, a smaller 120 square foot unit built to RV code, and is developing stackable and connectable models for larger structures.
The completion of the merger would provide BOXABL with access to public markets and additional capital to scale its operations. For more information about BOXABL, visit www.boxabl.com. FG Merger II Corp. is a blank check company formed for the purpose of effecting a merger or similar business combination. More details about FG Merger II are available at https://fgmerger.com.
The full press release can be accessed at https://ibn.fm/OBv13. The outcome of the vote will be closely watched by investors and industry observers as it represents a significant step in bringing innovative housing solutions to the public market.
