FGMC pays $68.8 million in redemptions ahead of BOXABL merger vote
FG Merger II Corp. closed its redemption window, paying $68.8 million to tendering stockholders, leaving $14 million in the trust account. The company will hold a special meeting on June 9, 2026, to vote on the merger with BOXABL Inc. Non-redeeming shareholders will become BOXABL stockholders upon the deal's closing.
*this image is generated using AI for illustrative purposes only.
FG Merger II Corp. has finalized the redemption process for its pending business combination with BOXABL Inc., resulting in a payout of approximately $68.8 million to stockholders who elected to exit. The redemption window closed on June 5, 2026, at 5:00 p.m. ET, with approximately 6,615,950 shares tendered at a price of $10.40 per share. Following these transactions, FG Merger II Corp. will have 1,384,050 public shares of common stock outstanding, and approximately $14 million will remain in its trust account to support the combined entity's operations.
Merger Details and Shareholder Impact
Stockholders who chose not to redeem their shares, or those who reverse their redemption requests prior to the closing, will automatically become stockholders of BOXABL Inc. upon the completion of the business combination. At that time, FG Merger II Corp. is expected to be renamed "BOXABL, Inc." and re-list on Nasdaq under the ticker symbol "BXBL". The company's board of directors recommends that all stockholders vote "FOR" all proposals related to the transaction.
Key Financial Metrics
The following table outlines the financial impact of the redemption process on the trust account:
| Metric | Value |
|---|---|
| Shares tendered for redemption | 6,615,950 |
| Redemption price per share | $10.40 |
| Total amount removed from trust | $68.8 million |
| Remaining public shares outstanding | 1,384,050 |
| Remaining trust account balance | $14 million |
Upcoming Special Meeting
A special meeting of stockholders will be held on June 9, 2026, at 10:00 a.m. Eastern Time via live webcast. The primary purpose of the meeting is to vote on the proposed business combination with BOXABL, a company specializing in modular building systems and innovative housing solutions. Stockholders are encouraged to review the definitive Proxy Statement/Prospectus filed with the SEC for detailed information regarding the transaction and voting procedures.
BOXABL's flagship product, the Casita, is a 361 square foot studio unit designed for rapid deployment. The company is also developing stackable and connectable models to form larger housing structures. FG Merger II Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses.
How will BOXABL utilize the remaining $14 million in trust capital to scale production of its Casita units post-merger?
What is the anticipated trading volatility for BXBL shares given the significant reduction in public shares outstanding to 1.3 million?
Can BOXABL meet the increased manufacturing demands required to justify its valuation with such a reduced public float?
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