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Modular housing company prepares for shareholder vote on proposed Nasdaq listing.
BOXABL has edged closer to a Nasdaq listing after the United States Securities and Exchange Commission declared effective the registration statement tied to its proposed merger with special purpose acquisition company FG Merger II Corp.
The shareholder vote is scheduled for June 9. If approved, the Las Vegas-based modular housing company will trade under the ticker BXBL.
For BOXABL, the move carries more weight than a routine regulatory milestone. Few companies in the modular housing sector have attracted this level of investor attention while delivering relatively modest numbers of completed homes.
Founded in 2017 by Paolo and Galiano Tiramani, BOXABL built its profile around the Casita, a compact 35 square metre foldable modular dwelling promoted as a faster, factory-manufactured response to housing affordability pressures. Units arrive folded for transport before being unfolded onsite in under an hour.
The company’s rise coincided with a period when investors were increasingly drawn towards automation, manufacturing-led housing and technology-driven construction narratives. BOXABL leaned heavily into that positioning, presenting itself less as a conventional modular builder and more as a scalable production platform for housing.
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Big manufacturing promises and difficult scaling realities
That narrative helped attract more than USD $230 million (AUD $350 million) from retail investors and generated a reported reservation list exceeding 190,000 units. References to Elon Musk living in a Casita only added to the attention surrounding the business.
But the numbers underneath the story have often appeared less convincing.
By mid-2025, company filings showed fewer than 300 Casitas had been delivered and installed despite production exceeding 700 units. BOXABL also disclosed continuing losses as it attempted to expand manufacturing operations and move towards higher-volume output.
The proposed merger values the company at approximately USD $3.5 billion (AUD $5.3 billion), placing it among the more aggressively valued businesses connected to industrialised housing.
Supporters argue BOXABL represents one of the clearest attempts yet to apply manufacturing logic to residential construction. Others see a company still wrestling with the same constraints that have long limited modular housing at scale: approvals, logistics, finance, infrastructure and fragmented regulation.
The SEC clearance does not settle that debate. It simply moves BOXABL closer to testing it in public markets.
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