FG Merger II
FG Merger II Corp. is a Nevada SPAC that completed an $80M Nasdaq IPO in January 2025 and is merging with BOXABL Inc. — a Las Vegas manufacturer of factory-built foldable modular housing (Casita, Baby Box, Phase 2 platform) — to relist as 'BOXABL, Inc.' (Nasdaq: BXBL) following June 2026 stockholder approval.
- Company typePublic
- Founded2025
- HeadquartersLas Vegas, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What FG Merger II does
FG Merger II Corp. is a special purpose acquisition company (SPAC) — a blank check company formed as a Nevada corporation in early 2025 and sponsored by FG Group Holdings / Fundamental Global — that completed an $80,000,000 initial public offering of 8,000,000 units at $10.00 per unit on January 28, 2025 (closed January 30, 2025), with units listed on Nasdaq under 'FGMCU' and ThinkEquity as sole book-running manager. While the SPAC's prospectus indicated a focus on financial-services targets in North America, it signed a definitive merger agreement on August 5, 2025 with BOXABL Inc., a Las Vegas-based modular-housing company, valuing BOXABL at approximately $3.5 billion via the issuance of 350,000,000 FGMC shares; stockholders approved the combination on June 9, 2026, and the combined entity will be renamed 'BOXABL, Inc.' and relist on Nasdaq under 'BXBL'.
BOXABL, the operating entity that will represent the post-merger business, manufactures factory-built, foldable modular housing units using automotive-style production principles. Its product portfolio includes the flagship 361 sq ft Casita studio unit that unfolds on-site in under an hour, a 120 sq ft Baby Box built to RV code, and the Phase 2 Modular Building System (launched January 2025) — a kit-of-parts platform of three standardized boxes configurable into 20+ residential types including ADUs, single-family homes, townhomes, garden apartments, estates, and workforce housing. BOXABL also holds patents on the Rego-Brix concept for lunar regolith-based radiation shielding, which it intends to license royalty-free.
Revenue is generated through unit sales to developers, government, and end customers (reference price approximately $50,000 per Casita), with cumulative deliveries of 312 Casitas across 10 states through FY2025 (73 produced in 2025), $25.7M in preorders for 374 boxes, and a $12.4M Phase 2 order from Shelton Development for a Texas community. Distribution channels include direct sales from the Las Vegas factory, developer purchase agreements, and an international distribution partnership with TerraCaita Limited covering the UK, Channel Islands, Northern Ireland, and Republic of Ireland. Prior to the SPAC merger, BOXABL had raised over $230 million from more than 50,000 individual investors; following the June 5, 2026 redemption window, approximately $14M remained in trust and ~20% equity retention is expected for BOXABL holders post-close.
FG Merger II firmographics
Firmographics- Name
- FG Merger II
- Legal name
- FG Merger II Corp.
- Website
- https://fgmerger.com
- Company type
- Public
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- FG Merger II Corp. is a Nevada SPAC that completed an $80M Nasdaq IPO in January 2025 and is merging with BOXABL Inc. — a Las Vegas manufacturer of factory-built foldable modular housing (Casita, Baby Box, Phase 2 platform) — to relist as 'BOXABL, Inc.' (Nasdaq: BXBL) following June 2026 stockholder approval.
- Ownership category
- akta.pro rank
FG Merger II industry classification
Industry- Product category
- Special Purpose Acquisition Company (SPAC)
- NAICS
- Miscellaneous Intermediation (523910)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Strategic / Balance-Sheet CVC (On-balance-sheet investing) (FSANAHAA)
- akta.pro secondary industries
- Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Corporate M&A / Venture Build-to-Buy Programs (Acqui-hire, option-to-acquire) (FSANAHAG)
Keywords
Where FG Merger II is headquartered
LocationHeadquarters
- HQ city
- Las Vegas
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
FG Merger II business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Marketing or Sales
Revenue model
- Trust account investment income (pre-combination): As a SPAC, FGMC's pre-merger cash sits in a trust account, generating interest income on proceeds from the $80,000,000 IPO (8,000,000 units at $10.00/unit). Following redemptions tied to the BOXABL combination, approximately $14 million remained in trust.
- Box / unit sales (post-combination entity): Upon closing of the BOXABL business combination, the renamed 'BOXABL, Inc.' will generate revenue by selling foldable modular housing units (Casita, Baby Box, Phase 2 product platform) to developers and end customers. Example: Shelton Development purchase agreement of 97 homes / 203 boxes for ~$12.4 million in potential revenue.
- Royalty-free licensing (future / conceptual): BOXABL has stated it intends to make the Rego-Brix lunar radiation shielding concept available on a royalty-free basis — not a revenue stream, but a stated IP-licensing posture.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | BOXABL Casita — single unit purchase (reference price ~$50,000 per Elon Musk purchase) |
| One time/ perpetual license | Pay-as-you-go | FG Merger II IPO units at $10.00 per unit |
Go-to-market motion1 record
Distribution channels3 records
FG Merger II product offering
Product offeringCore offering
FG Merger II Corp. is a Nevada-incorporated blank check company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company completed an $80,000,000 IPO in January 2025 (8,000,000 units at $10.00) and has signed a definitive merger agreement with BOXABL Inc. to take the modular housing company public on Nasdaq under "BXBL" at a $3.5 billion valuation.
Product overview
FG Merger II Corp. is a single-purpose SPAC vehicle (the core product offering of the company itself) rather than a multi-module software or technology platform. It is a blank check company formed in Nevada that completed an $80,000,000 IPO in January 2025 and has signed a definitive merger agreement with BOXABL Inc. — meaning the post-merger combined company, to be renamed "BOXABL, Inc." and listed on Nasdaq as "BXBL," will carry the modular housing product portfolio (Casita, Baby Box, Phase 2 Modular Building System, Rego-Brix, Micromenity). The FG Merger II website also presents affiliated FG Group Holdings portfolio companies — Strong/MDI Screen Systems, Strong Studios, Strong Technical Services (STS), Firefly, GreenFirst Forest Product, and FG Financial Group — as related holdings of the sponsor family, though these are not products of FG Merger II itself.
Differentiator
Problem solved
Functional benefit
Products and services
- FG Merger II Corp. SPAC Vehicle FG Merger II Corp. is a blank check company (special purpose acquisition company) formed as a Nevada corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It concentrates on identifying combinations where there is opportunity for attractive risk-adjusted investor returns driven by the dynamics of a public listing. The company completed an $80,000,000 IPO in January 2025 and has signed a definitive merger agreement with BOXABL Inc. (approved by stockholders on June 9, 2026) to take the modular housing company public on Nasdaq under "BXBL".
Quantifiable outcome
- 75% reduction in California state inspection requirements for Casita Studio units
- +4 more outcomes
Companies that use FG Merger II
Customer profileNamed customers2 records
Ideal customer profiles2 records
FG Merger II technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
FG Merger II partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship, core and minor.
- TerraCaita LimitedflagshipRepresentation, import, and distribution agreement covering the United Kingdom, Channel Islands, Northern Ireland, and Republic of Ireland. TerraCaita (Bristol-based) will support local market development, regulatory engagement, and customer outreach. BOXABL will provide two Casita units for display and demonstration.
- BOXABL Inc.flagshipDefinitive merger agreement signed August 5, 2025, valued at $3.5 billion, under which FG Merger II will issue 350,000,000 shares to BOXABL shareholders. BOXABL founders/Co-CEOs Paolo and Galiano Tiramani will lead the combined company. No minimum cash condition. Transaction remains subject to shareholder and SEC approvals.
- Winston & Strawn LLPcoreActing as legal advisor to BOXABL in connection with the FG Merger II business combination.
- Loeb & Loeb LLPcoreActing as transaction counsel to FG Merger II Corp. in connection with the BOXABL business combination.
- Continental Stock Transfer & Trust CompanyminorTransfer agent for FG Merger II Corp., handling separation of units into common stock and rights and redemption processing during the BOXABL business combination.
Scale indicators12 records
Recent moves8 records
Expansion highlights7 records
FG Merger II competitors and assessment
Company assessmentDirect peers
- Plant Prefab: Plant Prefab is a California-based factory-built prefab housing company focused on sustainable single-family and ADU construction. It is the closest US direct competitor to BOXABL in factory-built modular residential housing, including custom and standardized product lines sold to developers and end customers.
- Mighty Buildings: Mighty Buildings uses advanced factory manufacturing (including 3D printing) to produce modular homes and ADUs, targeting housing affordability and speed-to-install. Like BOXABL, it sells factory-produced housing units to developers and homeowners and has pursued a tech-driven, regulatory-streamlined go-to-market.
- nHouse: nHouse is a UK-based modular housing manufacturer producing factory-built residential units, including for the UK self-build and developer markets. Comparable to BOXABL in factory-produced modular housing and relevant as an international peer alongside BOXABL's UK/Channel Islands/Ireland expansion via TerraCaita.
- Dvele: Dvele is a tech-enabled prefab/modular home company combining factory manufacturing with software-driven design. Comparable to BOXABL in pursuing a high-finish, factory-built residential product positioned for speed and quality versus site-built construction.
- Method Homes: Method Homes is a prefab modular homebuilder producing factory-built custom and standardized single-family and ADU units. It directly competes with BOXABL in the designer/premium prefab category and shares the developer and end-customer sales motion.
- Connect Homes: Connect Homes is a Los Angeles-based steel-framed modular housing company that designs, factory-builds and ships prefab residential units. Its factory-built approach and developer-focused sales motion overlap closely with BOXABL's Casita and Phase 2 product strategy.
- Cover: Cover was a US startup building software and factory systems to streamline architect-designed backyard ADUs and modular housing. It is comparable to BOXABL in the factory-built ADU and modular residential space and pursued a similar developer and homeowner go-to-market.
Broad incumbents
- Cavco Industries: Cavco Industries is a leading US designer and producer of factory-built manufactured and modular homes sold through a network of independent retailers. Comparable to BOXABL as a broad incumbent in factory-built residential housing with overlapping customer segments but a much larger, more traditional product set.
- Lennar Corporation: Lennar is one of the largest US homebuilders and is increasingly investing in factory-built and modular construction methods. It is comparable to BOXABL as a major buyer/seller of residential housing at scale and as a counterparty for BOXABL's enterprise developer-style sales motion, though Lennar is far broader and primarily site-built.
- Clayton Homes: Clayton Homes, a Berkshire Hathaway subsidiary, is the largest US producer of manufactured and modular housing. It is a broad incumbent in BOXABL's category: same end-customers and channel (developers, home shoppers, financing) but a much wider product portfolio and national scale rather than BOXABL's standardized foldable-kit niche.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
FG Merger II social profiles
Digital presenceFG Merger II financial estimates
Financial estimateRevenue estimate
Valuation estimate
FG Merger II leadership team
Management profileNumber of profiles
Profiles8 records
FG Merger II funding detail
Funding detailFunding overview
Funding rounds13 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FG Merger II M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FG Merger II
What does FG Merger II do?
FG Merger II Corp. is a Nevada-incorporated blank check company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company completed an $80,000,000 IPO in January 2025 (8,000,000 units at $10.00) and has signed a definitive merger agreement with BOXABL Inc. to take the modular housing company public on Nasdaq under "BXBL" at a $3.5 billion valuation.
Is FG Merger II a public or private company?
FG Merger II is a public company. It is classified as public and is currently operating.
When was FG Merger II founded?
FG Merger II was founded in 2025. It employs 251 to 500 people.
Where is FG Merger II based?
FG Merger II is headquartered in Las Vegas, United States, in the North America region.
How does FG Merger II make money?
Three revenue lines are on record. Trust account investment income (pre-combination) is the primary driver. The others are box / unit sales (post-combination entity) and royalty-free licensing (future / conceptual).
Who are FG Merger II's main competitors?
Direct peers on record are Plant Prefab, Mighty Buildings, nHouse, Dvele, Method Homes, Connect Homes and Cover. Broad incumbents are Cavco Industries, Lennar Corporation and Clayton Homes.
Does FG Merger II have an API?
No public API is recorded for FG Merger II.
What industry is FG Merger II in?
FG Merger II's product category is Special Purpose Acquisition Company (SPAC). Its primary akta.pro industry code is FSANAHAA, Strategic / Balance-Sheet CVC (On-balance-sheet investing), with a secondary code of BPAHAOAL, Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory). Its NAICS code is 523910 and its SIC code is 6211.