FGMC (BOXABL Inc.) closed its business combination and entered into lock-up agreements with its sponsor and certain former stockholders, including Paolo Tiramani and Galiano Tiramani. Under the terms, 50% of the locked-up shares are restricted until the earlier of 12 months after closing or when the stock closes at or above $12.00 for 20 trading days within any 30-day period; the other 50% are locked for 12 months. The lock-up automatically expires if the stock ever hits $20.00 per share, including intraday. The company also signed indemnification agreements with its directors and executives to cover legal costs and expenses arising from their service.
View Full Filing (SEC EDGAR)