Boxabl Enters Public Markets: SPAC Merger Valued at $3.5 Billion Marks Major Milestone for Modular Housing Pioneer

Innovative modular housing company Boxabl has announced a definitive merger agreement with FG Merger II Corp., paving the way for the company to go public on the NASDAQ under the ticker symbol “BXBL.” This strategic combination represents a watershed moment for the housing technology sector and reflects growing investor confidence in Boxabl’s disruptive approach to affordable housing solutions.

The Deal: What You Need to Know

The merger agreement outlines ambitious plans to reshape how homes are built and deployed. Boxabl’s existing shareholders will retain 100% equity in the combined entity, while FGMC will issue 350 million shares, valuing Boxabl at $3.5 billion. Notably, the transaction carries no minimum cash requirement, giving the newly combined company operational flexibility as it scales production and expands globally.

“This potential public listing opens doors to significantly more capital and allows us to accelerate our mission of delivering sustainable, affordable housing at scale,” said Galiano Tiramani, Founder and CEO of Boxabl. “We’re thrilled to partner with a SPAC management team that brings serious pedigree—they’ve successfully guided half a dozen prior transactions through to completion.”

A Track Record of Investor Confidence

Since its founding in 2017, Boxabl has demonstrated remarkable traction in raising capital from a diverse investor base. The company has accumulated over $230 million from more than 50,000 investors worldwide, signaling broad confidence in its vision and execution. That capital base, combined with NASDAQ listing access, positions Boxabl to pursue aggressive growth strategies previously out of reach.

Larry G. Swets, Jr., CEO of FGMC, emphasized the rationale behind the partnership: “We see enormous potential in Boxabl’s technology to address one of the most pressing issues in real estate—housing scarcity and affordability. The founders have demonstrated exceptional business acumen in building this company from concept to scale.”

The Casita and Beyond: What Boxabl Actually Does

At the core of Boxabl’s appeal is the Casita, a fully functional 361-square-foot modular studio featuring a complete kitchen, bathroom, and utilities infrastructure. The unit unfolds on-site in under an hour, requiring no complex assembly or foundation work, fundamentally changing construction timelines and labor costs.

The company is also developing the Baby Box, a 120-square-foot unit engineered to RV code standards, designed for deployments requiring minimal site preparation. Looking ahead, Boxabl is engineering stackable and connectable modules that combine to form townhomes, multifamily complexes, and larger single-family residences—essentially enabling developers to rapidly construct entire communities.

Strategic Implications: Why This Matters

Public markets access unlocks several critical capabilities for Boxabl:

Production Expansion – The public entity can invest aggressively in manufacturing infrastructure, reducing per-unit production costs and increasing output velocity to meet global demand signals.

Research and Development – Accelerated funding enables the company to refine existing products, prototype new configurations, and pursue technological innovations that competitors lack resources to pursue.

Global Market Entry – With institutional capital, Boxabl can establish regional manufacturing hubs and navigate regulatory environments in new geographies, from Europe to Asia-Pacific markets facing acute housing shortages.

Talent Acquisition – NASDAQ listing status and equity compensation packages allow Boxabl to recruit top-tier engineers, architects, and operational leaders essential for scaling a manufacturing operation.

Leadership Continuity

Founders Paolo and Galiano Tiramani will remain at the helm of the combined company post-closing, ensuring the strategic vision and operational approach that built Boxabl remains intact. This leadership stability is critical given the specialized expertise required to execute the company’s manufacturing and deployment roadmap.

Financial and Legal Framework

The transaction has attracted institutional-grade advisory support. Maxim Group LLC serves as Boxabl’s financial advisor, while Winston & Strawn LLP handles legal counsel. FGMC’s transaction counsel is Loeb & Loeb LLP. Additional transaction details will be disclosed through SEC filings, including Form 8-K filings from both entities and the eventual Form S-4 registration statement preceding shareholder votes.

The Broader Industry Context

Boxabl’s going public reflects a maturing understanding of housing market dynamics—traditional construction methodologies are too slow and expensive to address global shortages affecting affordability. Modular construction offers a compelling alternative: faster deployment, lower labor intensity, standardized quality control, and dramatically reduced on-site disruption.

The $3.5 billion valuation, while substantial, reflects market participants’ assessments that modular housing technology represents a multi-decade secular opportunity. As demographic pressures, urbanization, and climate considerations reshape real estate economics, companies that can deliver housing faster and more affordably gain structural advantages.

Timeline and Next Steps

The combination is subject to customary closing conditions and regulatory approvals. FGMC shareholders will vote on the proposal, with detailed disclosures forthcoming in proxy materials. Upon successful closing, FGMC will assume the BOXABL name and begin trading under the new ticker symbol, signaling the formal transition from private to public market entity.

This merger represents not merely a financing event but a validation that modular housing technology has moved from promising concept to essential infrastructure solution. With public market resources and founder-led execution, Boxabl enters a new phase focused on proving the technology can scale profitably across diverse geographies and deployment scenarios.