Company: FGMCU
Filing Date: 2025-09-18
Form Type: S-4
Source: 0001104659-25-091249
Chunk: 407

Company: FG Merger II Corp.
Filing Date: 2025-09-18
Form: S-4
Chunk 407
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 Through June 2025, BOXABL conducted offerings of shares of its preferred stock through Regulation A and Regulation D in the United States and in a Canadian offering. Management believes that the actions being taken by BOXABL will provide sufficient liquidity for BOXABL to continue to execute its business plan over the next year. However, there can be no assurances that management’s plans will be achieved. Sources of Liquidity To date, our operations have been financed by our exempt offerings of securities made in reliance on Regulation A, Regulation CF and both Rule 506(c) and Rule 506(b) of Regulation D in the United States and exempt offering regulations in Canada. For details regarding our securities offerings, see below Sales of Securities. At June 30, 2025, our principal source of liquidity was our unrestricted cash and cash equivalents and short-term investments, which we achieved through our offerings of securities as discussed above. As of June 30, 2025, BOXABL held $14.8 million in unrestricted cash and cash equivalents, $1.1 million in digital assets, and $2.0 million in investments in short-term treasury notes, compared to $5.8 million in cash and cash equivalents, and $15.9 million held in short-term treasury notes as of December 31, 2024. Based on BOXABL’s current burn rate of $5.6 million per month, we anticipate that the current liquidity together with cash generated from sales of our products will be sufficient to meet our immediate cash needs for 6 months. Historical Cash Flows

| ​                                         
 ​                                         | ​              
 (In Thousands) | ​                         
 Six Months Ended June 30, |       ​ 
    2025 | ​ | ​ |       ​ 
    2024 |
|:------------------------------------------|:---------------|:--------------------------|--------:|:--|:--|--------:|
| Net cash used in operating activities     | ​              | $                         | -33,670 | ​ | $ | -19,246 |
| Net cash provided by investing activities | ​              | $                         |  12,548 | ​ | $ |   6,085 |
| Net cash provided by financing activities | ​              | $                         |  30,192 | ​ | $ |     296 |

Operating Activities Cash used in operating activities included net loss adjusted for several non-cash items such as depreciation & amortization, stock-based compensation, and other non-cash expenses, in addition to the change in working