BOXABL, which plans to become a publicly traded company through its proposed business combination with FG Merger II (NASDAQ: FGMC), is applying centralized manufacturing and assembly-line production techniques to residential construction in an effort to address housing affordability and supply challenges. In a June 1 SPACtrac report published by ChannelChek and Noble Capital Markets, analysts Michael Kupinski and Jacob Mutchler highlighted BOXABL’s proprietary folding-home technology, growing contract backlog of 271 units and current production capacity of approximately 3,000 units annually, with longer-term automation initiatives targeting up to 5,000 units per year. The analysts noted that the company’s factory-built housing model is designed to reduce construction timelines, improve efficiency and lower transportation costs through standardized production and logistics.
The report also cited BOXABL’s strong balance sheet, including approximately $22.3 million in cash, cash equivalents and short-term investments as of March 31, 2026, with no funded debt. According to the analysts, the proposed merger values BOXABL at approximately $3.5 billion and reflects investor expectations regarding the scalability of its manufacturing platform and its potential to disrupt the broader residential housing market. ChannelChek and Noble concluded that BOXABL’s differentiated manufacturing approach, transportation advantages and exposure to a large addressable housing market provide a compelling framework for long-term value creation if management successfully executes its growth strategy.
Questions around this news
What is the proposed business combination between the housing manufacturer and FG Merger II?
The release says the housing manufacturer intends to become publicly traded through a proposed business combination with FG Merger II, a special purpose acquisition company. Analysts cited in the release put the proposed merger’s value at approximately $3.5 billion. The announcement does not say that the transaction has been completed.
How does factory-built housing differ from conventional home construction?
Factory-built housing is produced partly or largely in a controlled facility, then transported to a site for installation or completion. Compared with work performed entirely at the building site, this approach can standardize tasks and reduce exposure to weather-related delays. Transport requirements, site preparation and local building rules still affect how a project is delivered.
What production and backlog figures did analysts cite?
The release reports that analysts cited a backlog of 271 units and current annual production capacity of approximately 3,000 units. They also described longer-term automation efforts aimed at capacity of up to 5,000 units per year. These figures are attributed to the analysts’ report, rather than presented as independently verified forecasts.
What does a SPAC do in a proposed merger?
A special purpose acquisition company is formed to pursue a business combination with another business or entity. In a transaction, the SPAC and target agree on terms, and the deal generally requires specified approvals and conditions before closing. A proposed combination is not the same as a completed merger or a guarantee that a company will become publicly traded.
To view the full report, visit https://ibn.fm/DQQTy
About BOXABL
BOXABL is transforming the housing market with its modular building systems designed to deliver affordable, high-quality homes at unprecedented speed. Founded in 2017, BOXABL’s innovative approach has attracted worldwide attention as it aims to solve housing challenges for individuals and communities alike. BOXABL’S flagship product, the Casita, is a 361 square foot studio unit with a full kitchen, bathroom, and utilities. The Casita unfolds on-site in less than an hour and is manufactured inside BOXABL’s facilities. BOXABL also has announced the Baby Box, a smaller 120 square foot unit built to RV code, intended for simpler, no foundation-setups. BOXABL is also developing stackable and connectable box models that can be combined to form townhomes, multifamily units, or larger single-family homes.
For more information, please visit https://www.boxabl.com/ir
About FG Merger II Corp.
FG Merger II Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
For more information, visit https://fgmerger.com/
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At a glance
- Company
- BOXABL
Key figures
- Contract backlog
- 271 units
- Current annual production capacity
- approximately 3,000 units annually
- Longer-term annual production target
- up to 5,000 units per year
- Cash, equivalents and short-term investments as of March 31, 2026
- approximately $22.3 million
- Proposed merger valuation
- approximately $3.5 billion
People
- Michael KupinskiAnalyst
- Jacob MutchlerAnalyst
