NEW YORK, July 17, 2026 — SPAC FG Merger II Corp. (NASDAQ: FGMC) has officially completed its business combination with modular housing company BOXABL Inc., marking the end of a deal that saw an 82.7% redemption rate from public shareholders. The transaction leaves the combined entity with approximately $14 million in trust cash, a fraction of the original $3.5 billion valuation.
The merger, finalized on Friday, converts FGMC into Boxabl, which will begin trading under the ticker symbol BXBL on Monday, July 20. The exchange will halt trading in FGMC's rights and units as part of the transition.
According to a June 8 filing, 6.616 million shares were tendered for redemption, representing 82.7% of the initial public shares. The remaining 1.384 million shares, or 17.3%, stayed outstanding before any potential reversals. The trust balance of roughly $14 million equates to just 0.4% of the deal's estimated $3.5 billion enterprise value. For context, that cash covers only 29.7% of Boxabl's projected 2025 operating cash outflow of $47.2 million.
Investor focus has now shifted to capital access. The merger delivered only a modestly disclosed cash injection, with Boxabl raising $14 million—well below its initial projection of $20 million to $40 million. The deal did not include a minimum-cash requirement, heightening concerns about the company's liquidity.
Boxabl's financials reveal significant challenges. The company posted just $1.5 million in revenue for 2025, down from $3.4 million the prior year. It delivered only 23 Casitas (its modular units), compared to 51 in 2024. Net loss widened to $57.5 million, and operating cash outflow hit $47.2 million. In its filing, Boxabl stated that substantial doubt exists about its ability to continue as a going concern.
Despite these headwinds, shares surged 46.3% in after-hours trading to $12.14, following a 10% decline in regular trading that closed at $8.30. That regular-session drop extended a five-day losing streak of 15.4%.
Boxabl co-CEO Paolo Tiramani struck an optimistic tone: “We built the factory, engineered the product, and now will have access to the public markets.” The company allocated 350 million shares to Boxabl shareholders at $10 each, with rights holders receiving an additional 800,000 shares. Some shares are subject to staggered lockup periods, which may be lifted early if the stock trades at $20 intraday.
Risks remain elevated. Boxabl requires higher sales or fresh funding to sustain operations. Issuing new equity could dilute existing holders, and restricted liquidity may amplify price volatility. The initial BXBL session on Monday will test whether the after-hours surge holds, with investors closely monitoring trading volume and liquidity.
