BOXABL Closes $3.5B SPAC Merger, Begins Trading as BXBL on July 20
FGMC is trading near its 52-week low of $8 (13% above the low).
Summary
BOXABL completed its business combination with FG Merger II Corp., becoming a public company at a $3.5 billion valuation. The deal, approved by FGMC stockholders on June 9, closed today, with shares set to trade on Nasdaq under ticker BXBL starting July 20. FGMC issued 350 million shares to BOXABL stockholders at a deemed $10 per share, and all existing BOXABL equity rolled over, signaling insider commitment. An additional 800,000 shares were issued to FGMC rights holders. This follows months of SEC filings detailing significant dilution and redemptions that left only $14 million in the trust. The merger gives BOXABL public market access to scale its modular home production, though the extreme dilution and low trust proceeds remain key risks. The stock's first trading day on July 20 will be a critical test of market appetite.
At the time of this announcement, FGMC was trading at $9.02 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $11.5M. The 52-week trading range was $8.00 to $15.14. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.