FG Merger II Corp. Annual Report: A Simple Breakdown

I’ve put together this guide to help you understand how FG Merger II Corp. performed this year. My goal is to turn complex filing information into a simple summary so you can decide if this company fits your investment goals.

1. What does this company do?

FG Merger II Corp. is a "blank check" company. It doesn't make products or provide services yet. It raised $80 million through its IPO on January 24, 2025, by selling 8 million units at $10.00 each. These funds sit in a trust account, invested in safe government securities, waiting to buy a private company.

2. The Big News: They found a partner!

The company has officially signed a deal. On August 4, 2025, FG Merger II announced a merger with Boxabl, a company that builds modular, factory-made homes. Boxabl uses advanced technology to build high-quality, stackable housing quickly and affordably. Once the deal closes, the company will be renamed "BOXABL Inc." and is expected to trade on the Nasdaq under the symbol "BOX."

3. Financial performance

Since the company hasn't merged yet, it isn't generating sales. As of the latest report, it earned about $1.2 million in interest from the $80.8 million held in its trust account. Operating expenses—mostly legal, accounting, and consulting fees for finding and vetting Boxabl—totaled about $850,000. The company keeps costs low to save as much cash as possible for the merger.

4. What the Boxabl deal means for you

This deal values the combined company at $3.5 billion.

• The Process: FG Merger II will merge with a Boxabl subsidiary, and Boxabl will become a publicly traded company.
• The Timeline: The company has 24 months from its January 2025 IPO to finish the deal. If it isn't done by January 2027, the company must shut down and return the trust money to shareholders.
• Your Options: When the merger finishes, you can keep your shares in the new company or "redeem" them. If you redeem, you get your share of the trust account—your original $10.00 investment plus interest—no matter what the current stock price is.

5. Key risks

• The Deal Might Not Close: The deal requires a minimum amount of cash to remain in the trust. If too many investors redeem their shares, the deal might fall through, forcing the company to close.
• The "Bad Deal" Risk: Boxabl is still growing. You are betting on their ability to build more factories and eventually turn a profit. If they miss production goals or face housing code issues, the $3.5 billion valuation might be too high.
• Conflicts of Interest: Management loses their entire investment if they don't complete a merger. This gives them a strong incentive to close any deal before the deadline, even if the terms aren't great for you.

6. Future outlook

The company is now focused on finalizing the merger. They are working to get SEC approval and a "yes" vote from shareholders. If successful, you will move from owning a "blank check" company to owning a stake in a housing construction business. The new company plans to use the trust money to expand its manufacturing.

Note: This is a shell company. Investing in a SPAC is a bet on management’s ability to finish a merger. Now that they have chosen Boxabl, your investment depends entirely on that business’s success. Before making a final decision, review the official proxy statement once it is released, as it will contain the specific terms and conditions of the final merger agreement.