The Las Vegas-headquartered modular housing manufacturer Boxabl has signed a non-binding letter of intent with a Nasdaq-listed special purpose acquisition company (SPAC) that, if completed, would result in the company transitioning into a publicly listed company.
A SPAC, also known as a blank check company, is a publicly traded entity formed to raise capital through an initial public offering (IPO) with the sole purpose of acquiring a private company and taking it public. Boxabl did not identify the SPAC in question, although it stated the entity raised $80 million in its IPO.
“The proposed transaction represents a significant step forward in Boxabl’s mission to revolutionize affordable, sustainable housing,” said the company in a statement. “Boxabl currently has over 50,000 investors, representing an aggregate investment of over $200 million, who have shown support for Boxabl’s mission and vision.”
In March, Boxabl reserved the Nasdaq ticker “BXBL.” The company did not provide a timeline on its potential transition into a Nasdaq-listed company, adding there was “no assurance” that the transaction might occur.
