Company: FGMCU
Filing Date: 2025-11-13
Form Type: 425
Source: 0001104659-25-111079
Chunk: 11

Company: FG Merger II Corp.
Filing Date: 2025-11-13
Form: 425
Chunk 11
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 our own shareholder base at FG merger
Corp go from, you know, the measly couple hundred that you have just to get public. I think we're over 8,000 shareholders right now.

Nick Clayton: Interesting. And on that
investor engagement point, you know, the early materials pointed out you were looking to raise a $55 million pipe. And, you know, the
pipe market has become a bit stronger, especially since the summer. How has that engagement been like? And, you know, as you're telling
the story through your path so far.

Larry Swets Jr.: Yeah. So we've, we've
been slow to engage in the institutional market. You know, for example on the pipe side. But we're really just letting the story in you
know, kind of evolve out there. And, you know, I think this is one of those opportunities where we can look to the trust as a real opportunity,
given the engagement of the shareholders that I just mentioned, whether it be existing shareholders or new shareholders who are now more
aware, you know, maybe there's people that wanted to invest that didn't want to invest in something that had no liquidity. And then, you
know, then we'll step once we've got some momentum into the institutional pipe market side.

Nick Clayton: Right. And on that sort
of value story side, I mean, there's not a whole lot of companies that have scaled up to where box is in the modular building space.
I mean, just in terms of the comps universe and sort of the things that you're seeing in terms of where BOXABL could go, what are some
of the things that stood out to you that helped you guide that path on, on the valuation question?

Larry Swets Jr.: Yeah, valuation has been
really tough. And so, you know, I don't have a strong view outside of what tens of thousands of investors have said that they were willing
to put their money in at a particular valuation. And, you know, we could argue all day long whether it was sophisticated or it's the wisdom
of the crowd. Right. And, but it's pretty powerful.

I was wrong on Tesla, for forever. I've always.
But I still can't understand it necessarily. But, you know, once I finally got into the car, I was like, I'm a believer. I mean, I get
it, I get why people just don't even really think