FG Merger Corp II (FGMC) is a Special Purpose Acquisition Company (SPAC) — a blank check company with no operations of its own. FGMC raised $80M in its IPO in January 2025, with proceeds held in a money market trust at approximately $10.27 per share as of year-end 2025. FGMC's sole purpose is to merge with a private company, taking it public. In August 2025, FGMC signed a merger agreement with Boxable, a private company, valuing Boxable at $3.5B, payable in a mix of FGMC preferred and common shares. If the deal closes, FGMC will be renamed Boxable Inc. The deal requires FGMC and Boxable shareholder approval, SEC registration effectiveness, stock exchange listing approval, and antitrust clearance, with a current deadline of March 31, 2026. FGMC generates no operating revenue — its only income is interest on the trust. The sponsor and insiders profit through discounted "founder shares" that become valuable if the post-merger stock trades above the IPO price. Public investors can redeem shares at trust value if they don't want exposure to the target. If no deal closes by January 2027, FGMC must liquidate and return trust funds to shareholders.