NEW YORK, July 17, 2026, 18:09 EDT
- FGMC ended the session at $8.30, sliding 10.0%, before advancing 46.3% in after-hours trading.
- The company, now renamed, will start trading under the ticker BXBL on Monday, July 20.
- A June filing on redemptions indicated roughly $14 million remained in the SPAC trust.
FG Merger II Corp. NASDAQ:FGMC finalized its merger with BOXABL Inc. NASDAQ:BXBL on Friday. According to a June 8 filing, 82.7% of public shareholders tendered their shares.
The remaining amount in the trust account stood at around $14 million. The release following Friday’s close did not disclose an updated trust total.
Based on the reported balance, trust cash amounted to 0.4% of the $3.5 billion estimated transaction value. This figure represented 29.7% of Boxabl’s projected 2025 operating cash outflow.
Investor focus has shifted to capital access as the main concern. The merger delivered only a modestly disclosed cash injection.
Boxabl raised $14 million, falling short of its initial projection of $20 million to $40 million. The merger deal did not include a minimum-cash requirement.
U.S. markets had closed before the dateline. FGMC finished at $8.30, marking a 15.4% decline across five sessions.
Shares surged 46.3% to $12.14 in after-hours trading. The updated quote came at 4:59 p.m. EDT.
The data outlines Monday’s transition:
| Measure | Verified figure | Comparison |
|---|---|---|
| Friday close | $8.30 | Fell 10.0%; decline of 15.4% over five days |
| After hours, 16:59 EDT | $12.14 | Jumped 46.3% from previous close |
| Shares tendered for redemption | 6.616 million | Composed 82.7% of the initial public shares |
| Public shares then remaining | 1.384 million | 17.3% still outstanding before any reversals |
| Disclosed trust balance | About $14 million | Represented 0.4% of the deal’s value |
| 2025 operating cash outflow | $47.2 million | Disclosed trust cash covered 29.7% |
FGMC will rebrand as BXBL on Monday. The exchange is set to halt trading in FGMC’s rights and units.
Boxabl shareholders were allocated 350 million shares valued at $10 apiece, while rights holders were granted an additional 800,000 shares.
Some company and sponsor shares are subject to staggered lockup periods. Remaining lockups may be lifted early if the stock trades at $20 intraday.
Boxabl posted $1.5 million in 2025 revenue, a decrease from $3.4 million. The company delivered 23 Casitas, compared to 51 in 2024.
The company reported a net loss of $57.5 million, while operating cash outflow totalled $47.2 million. According to its filing, the likelihood of substantial doubt over its ability to continue as a going concern was probable.
“We built the factory, engineered the product, and now will have access to the public markets,” co-CEO Paolo Tiramani said. PR Newswire
The initial BXBL session on Monday will show if the after-hours increase is sustained. Investors are set to monitor liquidity and trading volume with the new ticker.
Risks: Boxabl requires higher sales or fresh funding. Issuing new equity might dilute current holders, and restricted liquidity could increase price volatility.
