All existing shareholders of BOXABL will roll 100% of their equity into the newly combined company. Company founders Paolo and Galiano Tiramani will continue to lead BOXABL as co-CEOs after the deal closes.
“We’re excited to partner with FGMC, a highly reputable SPAC management team with an incredible track record, including a half dozen successful SPAC transactions. Equally important is the alignment with BOXABL’s vision,” Galiano Tiramani said in a statement.
“This potential public listing could provide BOXABL with access to greater capital and broaden our platform to deliver affordable, sustainable housing at scale.”
Larry G. Swets Jr., the CEO of FGMC, said the partnership reflects confidence in BOXABL’s product and leadership team.
“We see significant value in bringing (BOXABL’s) disruptive product to address the housing market and we are particularly impressed with way Paolo and Galiano grew their business,” Swets said.
BOXABL has reportedly raised more than $230 million from 50,000 investors since its founding. The company specializes in foldable, modular homes and aims to expand production to meet global demand.
Advisory roles in the transaction include Maxim Group LLC as financial adviser and Winston & Strawn LLP as legal counsel for BOXABL. FGMC is represented by Loeb & Loeb LLP as transaction counsel.
