The Las Vegas-headquartered modular housing manufacturer Boxabl announced plans to go public through a merger with FG Merger II Corp. (Nasdaq: FGMC), a publicly traded special purpose acquisition company.
Upon closing of the merger, the newly combined company is expected to continue listing on the Nasdaq Stock Market under the symbol “BXBL.” To date, BOXABL has raised over $230 Million from over 50,000 investors. Existing shareholders will roll 100% of their equity in Boxable into the combined company while FGMC will issue 350 million shares to Boxabl, valuing the company at $3.5 billion.
Boxabl co-founders and co-CEOs Paolo and Galiano Tiramani will continue to lead the combined company following the closing of transaction.
“We’re excited to partner with FGMC, a highly reputable SPAC management team with an incredible track record, including a half dozen successful SPAC transactions. Equally important is the alignment with Boxabl’s vision,” said Galiano Tiramani. “This potential public listing could provide Boxabl with access to greater capital and broaden our platform to deliver affordable, sustainable housing at scale.”
Larry G. Swets Jr., CEO of FGMC, stated, “The FG Merger team is excited to announce this transaction with Boxabl. We see significant value in bringing their disruptive product to address the housing market and we are particularly impressed with way Paolo and Galiano grew their business.”
