Mentioned:
There’s officially a new modular home builder on the Nasdaq.
What’s happening:
- BOXABL (NASDAQ: BXBL) has successfully completed their business combination with FC Merger II Corp and begun trading on the Nasdaq
By the numbers:
- The new SPAC deal valued BOXABL at roughly $3.5B USD
Why it matters:
- BOXABL’s flagship modular home is known as the Casita and is assembled in a factory where electrical, plumbing and HVAC are all pre-installed prior to delivery
Going deeper:
- BOXABL has publicly stated they plan to use the new growth capital from the SPAC transaction to fund scaling up their production and manufacturing of their modular homes as well as to develop new type of modular home configurations as well as larger developments and multifamily projects
- BOXABL is one of the largest crowdfunding raises in American history and successfully raised more than $230M USD from more than 50,000 individual investors across Reg A+, Reg CF and Reg D offerings
The fine print:
- More than 80% of FG Merger II Corp shareholders redeemed their shares for cash prior to completion of the business combination with BOXABL which resulted in only $14M USD being raised from the SPAC deal
