Co-CEO Paolo Tiramani Locks In 94.8% Boxabl Stake, Cementing Super-Voting Control

summarizeSummary

Boxabl Co-CEO Paolo Tiramani reported a 94.8% beneficial ownership stake in Class A shares, consolidating family control with super-voting Class B stock following the SPAC merger.

check_boxKey Events · Ownership and Investor Activity · FGMC

• 94.8% Beneficial Ownership Disclosed

  Paolo Tiramani holds 172,470,048 Class B shares, representing 94.8% of Class A on an as-converted basis, giving him dominant voting control through the 10:1 super-voting structure.

• Family Control Consolidation

  Combined with son Galiano Tiramani's 86.5% stake, the Tiramani family controls virtually all voting power, leaving public shareholders with negligible influence over corporate decisions.

• Lock-Up Agreement with Price Triggers

  Paolo's shares are subject to a one-year lock-up, with 50% released early if the stock trades above $12 for 20 of 30 days, and full release if it hits $20 intraday—creating potential selling pressure at those levels.

• Trust Structures and Excluded Shares

  Holdings are split across direct ownership, the Austin Powers Trust, and the Paolo Tiramani 2020 Family Gift Trust; 30.9 million shares in the Galiano Tiramani 2020 Family Gift Trust are excluded from Paolo's beneficial ownership.

auto_awesomeAnalysis · FGMC · Real Estate & Construction

With 172.5 million Class B shares—representing 94.8% of Class A on an as-converted basis—Co-CEO and director Paolo Tiramani commands overwhelming voting power through the 10:1 super-voting structure. When combined with his son Galiano's 86.5% stake, the Tiramani family controls virtually all voting rights, leaving public shareholders with minimal influence despite the recent $3.5 billion SPAC merger. A lock-up agreement restricts sales for up to one year, but early release is possible if the stock trades above $12 or $20, creating potential overhang should those thresholds be met.