Boxabl, a modular homebuilding company, plans to go public through a merger with FG Merger II Corp., a publicly traded holding company, valued at around $3.5 billion. The move is expected to raise 350 million shares worth $10 apiece, allowing private shareholders’ equity to be rolled into public stock.
The deal, which involves the merger of Boxabl’s modular home manufacturing business with FG Merger II Corp., will provide funding for expansion plans, according to co-CEOs Paolo and Galiano Tiramani. The company aims to deliver affordable, sustainable housing at scale.
Boxabl has gained significant attention in recent months after being endorsed by Elon Musk, the world’s richest person, who reportedly lives in a Boxabl home. However, the company was also involved in a 2023 SEC investigation that ended without enforcement actions taken. In addition, a former employee was charged with allegedly collecting $1.6M from investors for unregistered securities.
The merger follows a less common method of going public, known as a special purpose acquisition company (SPAC) merger, which allows companies to go public quickly and avoid SEC scrutiny. The deal is expected to be completed in the coming months, with no fixed closing date yet specified.
Source: https://www.bisnow.com/national/news/capital-markets/boxabl-plans-to-use-spac-to-go-public-nasdaq-35b-valuation-130433