Company: FGMCU
Filing Date: 2025-10-27
Form Type: 425
Source: 0001104659-25-102245
Chunk: 2

Company: FG Merger II Corp.
Filing Date: 2025-10-27
Form: 425
Chunk 2
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 X post that he was living in one of its units near the SpaceX headquarters in Texas.

The Tiramanis are attempting to position their company as a key player
in solving the affordable-housing crisis that’s playing out nationwide. The US is currently facing a shortage of as many as 7 million
homes, according to a July report from the Pew Research Center.Modular housing advocates have billed pre- fabricated structures as a potential
quick fix, allowing homeowners to install accessory units on their property in less time and relatively cheaply.

‘Rinse, Repeat’

Despite that apparent demand, Boxabl’s
business has been hamstrung by a jumble of regulations that require dozens of individual licenses across different jurisdictions. So
far, Boxabl is only allowed to sell its products in 15 states, according to an investor presentation.

The company’s first big break was in 2020, when it secured a
$9.2 million contract to build 156 units on the US naval base at Guantanamo Bay. When the order was placed, Boxabl was “me and my
father and a few other guys in a garage,” Galiano said. They moved quickly to secure factory space and fulfilled the order by the
end of 2022.

The Tiramanis received just under $1 million each in salary and bonuses
in 2023 and 2024, filings show, meaning nearly all of the company’s $3.7 million in total revenue over that period went toward their
compensation. Boxabl has been able to raise money by selling preferred stock to retail investors through a qualified offering that has
fewer regulatory requirements than traditional public listings.

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The company has raised about $250 million to date from more than 50,000
investors through this type of “crowdfunding,” Tiramani said. After the SPAC deal, which is expected to close by year-end,
he expects to continue selling more stock. “Liquidity for investors is super important,” Tiramani said. “We’re
gonna go back to the stock market and say, ‘We need more money.’ Rinse, repeat and keep going.”

Ballroom Donation

Larry Swets, chief executive officer of FG
Merger II Corp., the sponsor on the SPAC deal, said that while Boxabl’s valuation was high for a company that has consistently
lost money, it’s based on “future disruptive capability.”

“My lawyers and everyone else, they were like