Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 406

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 406
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 our products was inherently prolonged due to regulatory, permitting, sitework and financing requirements, which often extend the time from initial customer engagement to project completion to between six and twelve months. Recognizing this dynamic, our management team has prioritized efforts to streamline the approval process for our products, established a network of preferred dealers/installers, and enhanced market penetration. As part of this strategic realignment, management has formalized our go-to-market strategy, focusing on securing regulatory approvals, and optimizing sales execution. Additionally, BOXABL has allocated funds toward research and development, leading to the introduction of new products to the market. These innovations are expected to expand BOXABL’s addressable market, improve customer adoption, and further differentiate our offerings within the industry. These initiatives are intended to accelerate revenue conversion, improve operational efficiency, reduce costs, and position BOXABL for sustainable long-term growth. We also began marketing and selling Casitas, by adding a permanent chassis, as a ‘park model” recreational vehicle (“Park Model RV”) under a self-certification regulatory regime.

To date, BOXABL has secured state modular housing approvals in California, Nevada and New Mexico. It has also secured approval for plan sets for the Casita in South Carolina under its statewide modular program, and obtained our manufacturers license in the state, with factory certification pending and the Company expects this within the next 6 months. The Company had originally obtained approval for its Casita in Arizona in December 2023. However, the Arizona Department of Housing revoked this approval in May 2024 due to installation issues identified at one customer site in Arizona. The Company has assessed that these issues resulted from improper installation rather than the Company’s product and it is in active discussions with officials in Arizona to resolve the matter. BOXABL has maintained active status with both manufacturer and dealer licenses in AZ, and is pursuing updated plan

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approval for various customers as well as generic plans for use across the state. The Company also determined that statewide approvals were not required in an additional 11 states and tribal lands.

To further facilitate the sales process, BOXABL has established a network of preferred dealers and installers, that we call the “BOXABL Directory”, who have been trained by us on our product offering and are knowledgeable about the local permitting, sitework and financing environment to coordinate the process of a BOXABL customer’s project journey from initial site visit, quote, permitting, sitework, installation, to closing permits at completion. We currently have 80 dealers/installers (“De