Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 253

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 253
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 and factors to be favorable to, and in support of, its determinations and recommendations. This explanation of reasons for the FGMC board of directors’ approval of the Business Combination, and all other information presented in this section, is forward-looking in nature and therefore subject to a number of risks and uncertainties and should be read in light of the factors discussed under the sections entitled “ Cautionary Statement Regarding Forward-Looking Statements” and “ Risk Factors.” For information regarding the BOXABL board of directors’ reasons for the Business Combination, see “ BOXABL Stockholder Proposal No. 1: The BOXABL Business Combination Proposal-The BOXABL Board of Directors’ Reasons for the Business Combination.” Satisfaction of 80.0% Test The FGMC Charter requires that FGMC’s business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80.0% of the net assets held in the Trust Account (excluding the amount of any deferred underwriting fees). As of August 4, 2025, the date of the execution of the Merger Agreement, the balance of the Trust Account was approximately $81.3 million and 80.0% thereof represents approximately $65.04 million. FGMC’s board of directors has determined that the Business Combination meets the 80.0% test.

118

Dilution The following table presents the net tangible book value per share, as adjusted, at both scenarios assuming various sources of material probable dilution (but excluding the effects of the Business Combination transaction itself):

|                                                                                     | ​     
 ​ ​ ​ | No Redemption 
 Scenario      |            | ​     
 ​ ​ ​ | 50% Redemption 
 Scenario       |            | ​     
 ​ ​ ​ | Maximum    
 Redemption 
 Scenario   |            |
|:------------------------------------------------------------------------------------|:------|:--------------|-----------:|:------|:---------------|-----------:|:------|:-----------|-----------:|
| Offering Price of the Securities in the Initial Registered offering price per share | ​     | $             |         10 | ​     | $              |         10 | ​     | $          |         10 |
| Net tangible book value, as adjusted (1)                                            | ​     | ​             | 77,010,341 | ​     | ​              | 36,085,251 | ​     | ​          | -4,839,840 |
| As adjusted Shares (2)                                                              | ​     | $             | 11,125,