Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 240

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 240
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 majority of the funding raised in 2025. |

| ● | There was a wide participation from accredited, experienced and diverse investor base in these offerings. |

On April 23, 2025, Maxim informed Mr. Swets that BOXABL was interested in pursuing discussions and a Zoom call was scheduled. On April 28, 2025, management of FGMC (including Larry Swets, Kyle Cerminara and Hassan Baqar) and BOXABL (including Galiano Tiramani, Martin Costas and Alexis Bulloch) and Maxim team held a Zoom conference call where the teams discussed details

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on FGMC’s strategy and what the SPAC team could offer to BOXABL. A PIPE financing and speed of execution was also discussed. However, BOXABL is no longer considering the $55 million PIPE financing. On April 29, 2025, BOXABL sent FGMC a revised letter of intent that included comments from BOXABL’s outside counsel, Winston & Strawn, LLP (“ Winston”). Key provisions in the April 29, 2025 draft included (a) removal of a break up fee, (b) removal of a prohibition to issue/transfer securities during exclusivity period and (c) removal of prohibition of dividend declaration, bonus issuance or new debt issuances during exclusivity period. Between May 5, 2025 and May 13, 2025, Maxim corresponded with FGMC to receive feedback on the LOI draft shared by Winston. During this period, Larry Swets communicated that FGMC was trying to incorporate any necessary tweaks to the LOI given BOXABL was already a reporting company, that the breakup fee and dividend restriction would be reinserted in the updated LOI, and that FGMC was open to discussing BOXABL’s ability to take on new debt during the exclusivity engagement and deSPAC process. On May 13, 2025, FGMC sent Maxim an updated LOI that included the reinsertion of a $1 million breakup fee, clarified that the $3.5 billion BOXABL valuation was at $10.00 per share, and inserted a provision whereby BOXABL could not declare cash or other dividends or bonuses. On May 14, 2025, Maxim coordinated the site visit for May 15, 2025, between BOXABL and FGMC. On the morning of May 15, 2025 Larry Swets and Maxim met with the entire BOXABL management team and conducted a site visit at the