NOTE: I'm reposting to this community since the Founder of BOXABL removed my post in that sub.

I’m a crowdfunding preferred shareholder [of BOXABL, BOXB / FGMC] trying to sanity-check the economics here.

Let’s use a simplified example:

• Assume you own 10,000 BOXABL preferred shares * Assume internal economic value = $0.80/share * Total economic value = $8,000 * Merger reference price = $10/share

So your public-equivalent math becomes:

10,000 × $0.80 = $8,000

Then:

$8,000 ÷ $10 = 800 BXBL shares

Not 10,000 public shares.

That part is actually fine. That’s just recapitalization math.

The insane part is the liquidity structure.

Per BOXABL’s SEC FAQ:

• Preferred stock is NOT listed * Preferred stock is NOT tradable * ~14 months after closing, 20% converts to common * Then another 20% per month * Only converted common becomes tradable

Assume merger closes mid-June 2026.

That means:

|Date|Tradable Shares|Locked Shares| |:-|:-|:-| |Jun 2026|0|800| |Aug 2027|160|640| |Sep 2027|320|480| |Oct 2027|480|320| |Nov 2027|640|160| |Dec 2027|800|0|

So let’s model outcomes.

Scenario 1: Price stays flat at $10

Best-case stable market fantasy.

|Unlock Date|Shares|Price|Value| |:-|:-|:-|:-| |Aug 2027|160|$10|$1,600| |Sep 2027|160|$10|$1,600| |Oct 2027|160|$10|$1,600| |Nov 2027|160|$10|$1,600| |Dec 2027|160|$10|$1,600|

Total = $8,000

You break even.

Scenario 2: Price grows 10% annually

Optimistic growth case.

June 2026 → Aug 2027 ≈ 14 months

$10 × (1.10)^(14/12) ≈ $11.18

Approx unlock values:

|Date|Price|Shares|Value| |:-|:-|:-|:-| |Aug 2027|$11.18|160|$1,789| |Sep 2027|$11.27|160|$1,803| |Oct 2027|$11.36|160|$1,818| |Nov 2027|$11.45|160|$1,832| |Dec 2027|$11.54|160|$1,846|

Total ≈ $9,088

Gain ≈ 13.6%

Over 18 months.

Not exactly moonshot.

Scenario 3: Average de-SPAC performance

Historically, many de-SPACs perform terribly after merger (median long-term returns have generally been poor vs IPO benchmarks; exact averages vary by cohort/provider).

Let’s use a simplified ugly-but-plausible path:

• Close at $10 * Month 6 = $6 * Month 12 = $3 * Month 14 = $2 * Month 18 = $1.50

Then:

|Unlock Date|Price|Shares|Value| |:-|:-|:-|:-| |Aug 2027|$2.00|160|$320| |Sep 2027|$1.90|160|$304| |Oct 2027|$1.75|160|$280| |Nov 2027|$1.60|160|$256| |Dec 2027|$1.50|160|$240|

Total = $1,400

From original $8,000 economic value.

-82.5%

The actual concern

This isn’t about whether BOXABL succeeds as a company.

It’s about structure.

Public FGMC/BXBL investors get immediate liquidity.

Crowdfunding preferred investors absorb:

• recap dilution * no liquidity at closing * delayed conversion * market risk while trapped

So the question:

Is this actually shareholder-friendly, or are retail preferred investors effectively exit liquidity with a time bomb attached?