Latest news with #modularhousing
CTV News
6 days ago
- Business
- CTV News
Modular building startup Boxabl to list on Nasdaq in US$3.5 billion SPAC deal
In this May 16, 2012 file photo, a taxi passes in front of the Nasdaq MarketSite in New York's Times Square. (AP Photo/Richard Drew, File) Modular building startup Boxabl will go public in the U.S. through a US$3.5 billion merger with special purpose acquisition company FG Merger II, the companies said on Tuesday. Modular housing is widely recognized for its potential to deliver affordable, timely, and scalable housing solutions in both emergency and market-driven contexts. Innovation in the housing market – a segment of the economy most sensitive to monetary policy – is also necessitated by rising housing prices, which hit a record high in June amid elevated interest rates and supply crunch. The deal will allow Boxabl to expand its production capabilities and meet growing demand for its modular building systems, as well as invest in research and development. Founded in 2017, Las Vegas-based Boxabl designs and manufactures foldable, modular homes. Known for its foldable 361 square foot 'Casita' homes, some of the company's housing models can be purchased for as little as US$19,999. Boxabl is led by founders and co-CEOs Paolo and Galiano Tiramani. FG Merger will issue 350 million shares to Boxabl. SPACs, also known as blank-check firms, raise capital through an initial public offering with the sole purpose of taking a private company public. Listing shares via SPAC mergers allows companies to avoid some scrutiny that comes with the traditional IPO process. Boxabl, which has raised over US$230 million to date, has previously also used crowdfunding to raise capital, an alternative fundraising strategy that allows small everyday investors to buy shares in a company. The company also adopted a bitcoin treasury strategy in May, allowing for a percentage of its assets to acquire the cryptocurrency. The combined company will be listed on the Nasdaq under the symbol 'BXBL.' Maxim Group and Winston & Strawn advised Boxabl, while Loeb & Loeb advised FG Merger. --- Reporting by Arasu Kannagi Basil and Ateev Bhandari in Bengaluru; Editing by Shailesh Kuber
Yahoo
6 days ago
- Business
- Yahoo
Modular building startup Boxabl to list on Nasdaq in $3.5 billion SPAC deal
(Reuters) -Modular building startup Boxabl will go public in the U.S. through a $3.5 billion merger with special purpose acquisition company FG Merger II, the companies said on Tuesday. Modular housing is widely recognized for its potential to deliver affordable, timely, and scalable housing solutions in both emergency and market-driven contexts. Innovation in the housing market – a segment of the economy most sensitive to monetary policy – is also necessitated by rising housing prices, which hit a record high in June amid elevated interest rates and supply crunch. The deal will allow Boxabl to expand its production capabilities and meet growing demand for its modular building systems, as well as invest in research and development. Founded in 2017, Las Vegas-based Boxabl designs and manufactures foldable, modular homes. Known for its foldable 361 square foot "Casita" homes, some of the company's housing models can be purchased for as little as $19,999. Boxabl is led by founders and co-CEOs Paolo and Galiano Tiramani. FG Merger will issue 350 million shares to Boxabl. SPACs, also known as blank-check firms, raise capital through an initial public offering with the sole purpose of taking a private company public. Listing shares via SPAC mergers allows companies to avoid some scrutiny that comes with the traditional IPO process. Boxabl, which has raised over $230 million to date, has previously also used crowdfunding to raise capital, an alternative fundraising strategy that allows small everyday investors to buy shares in a company. The company also adopted a bitcoin treasury strategy in May, allowing for a percentage of its assets to acquire the cryptocurrency. The combined company will be listed on the Nasdaq under the symbol "BXBL." Maxim Group and Winston & Strawn advised Boxabl, while Loeb & Loeb advised FG Merger. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
6 days ago
- Business
- Reuters
Modular building startup Boxabl to list on Nasdaq in $3.5 billion SPAC deal
Aug 5 (Reuters) - Modular building startup Boxabl will go public in the U.S. through a $3.5 billion merger with special purpose acquisition company FG Merger II (FGMC.O), opens new tab, the companies said on Tuesday. Modular housing is widely recognized for its potential to deliver affordable, timely, and scalable housing solutions in both emergency and market-driven contexts. Innovation in the housing market – a segment of the economy most sensitive to monetary policy – is also necessitated by rising housing prices, which hit a record high in June amid elevated interest rates and supply crunch. The deal will allow Boxabl to expand its production capabilities and meet growing demand for its modular building systems, as well as invest in research and development. Founded in 2017, Las Vegas-based Boxabl designs and manufactures foldable, modular homes. Known for its foldable 361 square foot "Casita" homes, some of the company's housing models can be purchased for as little as $19,999. Boxabl is led by founders and co-CEOs Paolo and Galiano Tiramani. FG Merger will issue 350 million shares to Boxabl. SPACs, also known as blank-check firms, raise capital through an initial public offering with the sole purpose of taking a private company public. Listing shares via SPAC mergers allows companies to avoid some scrutiny that comes with the traditional IPO process. Boxabl, which has raised over $230 million to date, has previously also used crowdfunding to raise capital, an alternative fundraising strategy that allows small everyday investors to buy shares in a company. The company also adopted a bitcoin treasury strategy in May, allowing for a percentage of its assets to acquire the cryptocurrency. The combined company will be listed on the Nasdaq under the symbol "BXBL." Maxim Group and Winston & Strawn advised Boxabl, while Loeb & Loeb advised FG Merger.
Yahoo
6 days ago
- Business
- Yahoo
Modular building startup Boxabl to list on Nasdaq in $3.5 billion SPAC deal
(Reuters) -Modular building startup Boxabl will go public in the U.S. through a $3.5 billion merger with special purpose acquisition company FG Merger II, the companies said on Tuesday. Modular housing is widely recognized for its potential to deliver affordable, timely, and scalable housing solutions in both emergency and market-driven contexts. Innovation in the housing market – a segment of the economy most sensitive to monetary policy – is also necessitated by rising housing prices, which hit a record high in June amid elevated interest rates and supply crunch. The deal will allow Boxabl to expand its production capabilities and meet growing demand for its modular building systems, as well as invest in research and development. Founded in 2017, Las Vegas-based Boxabl designs and manufactures foldable, modular homes. Known for its foldable 361 square foot "Casita" homes, some of the company's housing models can be purchased for as little as $19,999. Boxabl is led by founders and co-CEOs Paolo and Galiano Tiramani. FG Merger will issue 350 million shares to Boxabl. SPACs, also known as blank-check firms, raise capital through an initial public offering with the sole purpose of taking a private company public. Listing shares via SPAC mergers allows companies to avoid some scrutiny that comes with the traditional IPO process. Boxabl, which has raised over $230 million to date, has previously also used crowdfunding to raise capital, an alternative fundraising strategy that allows small everyday investors to buy shares in a company. The company also adopted a bitcoin treasury strategy in May, allowing for a percentage of its assets to acquire the cryptocurrency. The combined company will be listed on the Nasdaq under the symbol "BXBL." Maxim Group and Winston & Strawn advised Boxabl, while Loeb & Loeb advised FG Merger. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
ABC News
29-07-2025
- Science
- ABC News
Largest modular social housing build in NSW opens in South Grafton
Residents have moved into the largest modular social housing development in New South Wales, which academics say could be the future of affordable housing in Australia. Twenty-four modular homes were built on the central coast and taken to South Grafton for assembly and installation, as part of the $9 million project. NSW Housing Minister Rose Jackson said the process took less than six months, which was less than half the time it took for a traditional build. "We're building homes the traditional way as well, but this particular way of delivering housing is appealing because it's so quick," Ms Jackson said. "We need homes as quickly as we can. We have thousands and thousands of people who are desperately looking for that roof over their heads." Using modular construction, also called pre-fabricated construction, a house is built in individual modules off-site from where it will ultimately be located. The South Grafton site comprises of 12 one-bedroom and 12 two-bedroom units. Ehsan Noroozinejad, who is a senior researcher at the Urban Transformation Research Centre at Western Sydney University, said governments should use modular housing more widely to address the housing crisis. "Compared to the current traditional housing, I think this is much cheaper, this is much faster," Dr Noroozinejad said. Dr Noroozinejad said many people were unaware of how high quality modular housing could be. "The basic idea is that the whole structure will be manufactured in a high-quality factory setting using robotic technology," he said. "Then they'll be transported to the construction site and assembled together like Lego." Ms Jackson said modular housing would play an increasingly large role in social housing, particularly in regional areas. "We have 90 in the pipeline for the next year, but my view is that it's only going to get larger," Ms Jackson said. "In coming years, thousands of homes will be delivered using these methods." Lee Haworth, who spent six years on a social housing waiting list, said she could not speak highly enough of the initiative that had given her a home. "I couldn't believe it when I got the keys," she said. "I had to pinch myself because I've been waiting for so long. "If I want to paint, I can paint. If I want to sing, I can sing. Despite technological evolutions such as 3D printing and robotics, Australia has a comparatively small modular construction market compared to other countries. "It's about 5 per cent overall," Dr Noroozinejad said. "For example, in Sweden, it's over 84 per cent being built with modular." He said part of that low take-up was due to community stigma, with people believing the houses were low-quality temporary structures like post-WW2 "dongas" or Nissen huts. "But everything has changed regarding the technology and the optimisation we are using to produce these modules," Dr Noroozinejad said. "Modular and prefab are much better in terms of flexibility for the architect and they're much more energy efficient." State and federal governments are trialling modular housing, with the latest federal government budget investing $54 million to support the industry. NSW, Victoria, Queensland and Tasmania have invested in pre-fabrication for social housing. So far, NSW has rolled out modular social housing in South Grafton and Wollongong, with builds in Lake Macquarie and Shellharbour expected to be delivered by the end of the year.
