FG Merger II

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.

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

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

• Special purpose acquisition
• Blank check company
• Business combination vehicle
• Public listing services
• SPAC IPO

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion1 record

Distribution channels3 records

Core 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

Named customers2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered flagship, core and minor.

• TerraCaita LimitedflagshipChannel Partner/ Reseller/ Distributor · 15 June 2026Representation, 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.flagshipStrategic or Co-development Partner · 5 August 2025Definitive 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 LLPcoreImplementation/ SI/ Consulting Partner · 5 August 2025Acting as legal advisor to BOXABL in connection with the FG Merger II business combination.
• Loeb & Loeb LLPcoreImplementation/ SI/ Consulting Partner · 5 August 2025Acting as transaction counsel to FG Merger II Corp. in connection with the BOXABL business combination.
• Continental Stock Transfer & Trust CompanyminorOthers · 29 January 2025Transfer 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

Direct 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

• Xx.com/Boxabl
• Facebookfacebook.com/boxabl
• LinkedInlinkedin.com/company/boxabl

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds13 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FG Merger II