FGMCR FG Merger II Corp.
Price Chart
Executive Summary
FG Merger II Corp. (FGMC) announced the closing of the redemption window for its business combination with BOXABL Inc., reporting that approximately 6,615,950 shares were tendered for redemption, removing ~$68.8M from trust and leaving ~$14M for the combined company post-closing. The special shareholder meeting to vote on the merger is scheduled for June 9, 2026. The high 82.7% redemption rate leaves a very small public float and minimal cash for BOXABL's operations, despite recent commercial momentum from a Phase 2 purchase agreement.
Actionable Insight
The 82.7% redemption rate leaves the combined company with only ~$14M — likely insufficient to fund BOXABL's operations and manufacturing scale-up without dilutive financing. Existing FGMC rights (FGMCR) and units (FGMCU) become nearly worthless if the merger closes with minimal cash. Watch for reverse-redemption requests before the June 9 vote; any significant reversal could improve the cash position.
Key Facts
- Approximately 6,615,950 shares (82.7% of public shares) were tendered for redemption.
- Approximately $68.8M will be removed from trust at $10.40 per share.
- Only 1,384,050 public shares will remain outstanding after redemption.
- Approximately $14M will remain in trust post-redemption.
- Special meeting to approve the business combination is set for June 9, 2026.
- Post-closing, the combined company expects to trade on Nasdaq under ticker BXBL.
- BOXABL recently announced a first Phase 2 purchase agreement for 203 boxes (~$12.4M potential revenue) with Shelton Development.
Financial Impact
~$68.8M removed from trust (82.7% redemption), leaving ~$14M. Trust was likely ~$82.8M pre-redemption based on 8M shares at $10.40.
Risk Factors
- Post-merger Boxabl will have minimal cash (~$14M) and may require immediate dilutive financing to fund operations and production commitments like the $12.4M Shelton order.
- The tiny public float (1.38M shares) could result in extreme price volatility or difficulty maintaining Nasdaq listing standards.
- Shareholder vote on June 9 may fail if remaining holders decline to approve the combination with such low trust proceeds.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001104659-26-071381 |
| Document: tm2617174d1_ex99-1.htm | 0001104659-26-071381 |
| Document: 0001104659-26-071381-index-headers.html | 0001104659-26-071381 |
| Document: 0001104659-26-071381-index.html | 0001104659-26-071381 |
| Document: 0001104659-26-071381.txt | 0001104659-26-071381 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 9, 2026
today
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425
| $0.9550 awaiting T+5 | awaiting T+5 | — | — |
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Jun 8, 2026
1d ago
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425
| $0.9231 awaiting T+5 | awaiting T+5 | — | — |
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Jun 3, 2026
6d ago
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425
| $0.8100 awaiting T+5 | awaiting T+5 | — | — |
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May 29, 2026
11d ago
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425
| $0.7520 awaiting T+5 | awaiting T+5 | — | — |
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May 29, 2026
11d ago
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8-K
| $0.7520 awaiting T+5 | awaiting T+5 | — | — |
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May 26, 2026
14d ago
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425
| $0.7650 awaiting T+5 | awaiting T+5 | — | — |
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May 21, 2026
19d ago
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DEFA14A
| — | awaiting T+5 | — | — |
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May 14, 2026
27d ago
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DEFA14A
| — | awaiting T+5 | — | — |
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May 13, 2026
27d ago
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425
| — | awaiting T+5 | — | — |
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May 13, 2026
28d ago
|
EFFECT
| $0.7399 $0.7686 | ▲ +3.88% | ▲ +5.04% | — |
US Market Status
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