Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 425

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 425
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 will benefit from a reduced cost solution that is superior compared with regular manufactured homes. |

| ● | Modular: Modular homes are factory-built homes required to be built to the same or higher building code standards of stick-built homes. These homes are generally more customizable than a manufactured home and have various use cases (including Accessory Dwelling Units - ADUs). Different than most of our competitors, our solution combines the advantage of standard products that can be produced at mass level getting the benefits of cost reduction with the customization at the home-site with siding, roof, and more. We believe our shipping solution is a competitive advantage compared with competition. |

| ● | Panelized systems: Wall panels with different levels of finish are built in a factory and then assembled onsite, usually by those doing stick-built construction. We consider panels a partial solution that still requires significant on-site work (for example plumbing, electricity, etc.). Accordingly, compared with our integrated solution, it is slower. |

| ● | RVs: Vehicles or towable trailers that include living quarters with different levels of finish are built in a factory and then delivered to customers as a finished product. Compared with our Baby Box, the typical RV product looks like a trailer, not like home. |

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Employees

As of September 30, 2025, BOXABL had 51 direct hourly employees, 55 indirect salaried employees, 22 indirect hourly employees, and 3 field indirect hourly employees. These numbers fluctuated as we reduced Casita production levels and restructured the team at our facilities. As of September 30, 2025, our facilities have approximately 131 employees (down from 167 employees at December 31, 2024) due to workforce reductions that took place in January 2025 in line with BOXABL’s initiatives to align production with product deliveries. BOXABL provides employees a share incentive plan to be awarded at the discretion of the Board of Directors (the “Board”).

BOXABL made several pivotal hirings in 2023 and 2024. These changes were made with the intention of upskilling the team. The most notable addition was the October 2023 hiring of Chief Financial Officer, Martin Costas, who started his career in public accounting with PwC, where he contributed to more than 100 audits, consulting and advisory engagements including capital markets engagements; and comes to BOXABL with vast CFO experience leading the finance function in companies such as Honeywell, SLB (former Schlumberger), Sysco and Nex