FG Merger II Corp. is advancing its proposed business combination with housing innovator BOXABL following the conclusion of its shareholder redemption period. The special purpose acquisition company confirmed that approximately $14 million will remain in its trust account after redemptions. The final step now hinges on a crucial shareholder vote scheduled for June 9, 2026, to approve the merger.
Shareholder Redemption Results
The redemption period saw approximately 6,615,950 shares of FGMC common stock tendered for redemption by the June 5 deadline. This action will result in about $68.8 million being withdrawn from the company's trust account to pay these holders. The redemption price was calculated at $10.40 per share as of the deadline date.
Following the redemptions, FGMC will retain 1,384,050 public shares of common stock and approximately $14 million in its trust account. Stockholders who opted not to redeem their shares will automatically convert their holdings into BOXABL stock upon the deal's closing. This remaining capital is intended to support the combined company's future growth and operational plans.
Crucial Shareholder Vote Looms
A special meeting for FGMC stockholders is set for June 9, 2026, to be held virtually. The primary purpose of this meeting is to secure shareholder approval for the proposed business combination with BOXABL. The board of directors has issued a strong recommendation for all stockholders to vote in favor of the merger proposals.
FGMC has reminded investors that any redemption request can be withdrawn prior to the business combination's closing. Stockholders wishing to reverse their decision can do so by contacting the company's transfer agent, Continental Stock Transfer & Trust Company. This provides a window for reconsidering participation in the future of the combined public company.
The Vision for a Public BOXABL
Should the merger gain shareholder approval, FGMC will undergo a significant transformation. The company will be renamed "BOXABL, Inc." and is expected to re-list its shares on the Nasdaq stock exchange. The new entity will trade under the proposed ticker symbol "BXBL," signaling a new chapter for the company.
BOXABL is recognized for its mission to revolutionize the housing market with its innovative modular building systems. Its flagship product, the 361-square-foot "Casita," is a studio unit that can be unfolded and assembled on-site in under an hour. The company is also developing smaller units and stackable models to address diverse housing needs.
The path for BOXABL to become a publicly traded company is now clearly defined, with the final decision resting in the hands of FGMC shareholders. The outcome of the upcoming vote will determine if the housing innovator can access public capital to scale its ambitious vision. This merger represents a critical juncture for both BOXABL's growth trajectory and the broader modular construction industry.