FGMC
FG Merger Corp.Financial Services·Shell Companies
$10.37
$107M market cap
Revenue
$0.0M
Free Cash Flow
$0.5M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
223.1x
EV/FCF
222.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
FG Merger Corp. focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It intends to focus its search for a target business in the financial services industry in North America. The company was incorporated in 2020 and is based in Itasca, Illinois. FG Merger Corp. operates as a subsidiary of FG Merger Investors LLC.
2-Year Price History
$10.33+114.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -0.3 | -0.3 | 0.3 | 0.5 | 0.5 | -0.0 | 0.2 | 0.0 | 8.8 | -- | -- | -- |
Valuation & Metrics
Market Stats
Price$10.37
Market Cap$107M
Enterprise Value$107M
P/S Ratio0.0x
P/FCF223.1x
EV/FCF222.6x
FCF Margin (TTM)0.0%
FCF Yield0.4%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$0.3M
Free Cash Flow$0.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC--
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.0M
Days to Cover1.2
Change (vs Prior)+30.3%
Need at least 2 settlement dates for chart
Employees
Headcount41
Revenue / Employee$0
Gross Profit / Employee$0
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
70.7%(+33.7% YoY)
31 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
0 filers
Vanguard, iShares, SPDR
Market makers
0.5%(-0.8% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| HEIGHTS CAPITAL MANAGEMENT, INC | $8.0M | $9.88 | +$0 | +$8.0M | -2.5% | $357M |
| AQR Arbitrage LLC | $7.7M | $9.59 | −$261K | −$342K | -0.0% | $5.11B |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $7.1M | $10.02 | +$1.4M | +$7.1M | -5.6% | $1.12B |
| JPMORGAN CHASE & CO | $7.1M | $10.10 | +$7.1M | +$7.1M | -0.2% | $1.47T |
| RIVERNORTH CAPITAL MANAGEMENT, LLC | $6.5M | $10.00 | +$0 | +$6.5M | -13.5% | $1.98B |
| MANGROVE PARTNERS | $4.0M | $9.59 | +$0 | +$0 | +1.6% | $1.23B |
| Cable Car Capital, LP | $4.0M | $9.59 | +$0 | +$0 | -24.0% | $238M |
| TORONTO DOMINION BANK | $3.8M | $9.69 | +$1.9M | −$4.5M | -0.3% | $51.69B |
| CSS LLC/IL | $3.6M | $9.99 | +$0 | +$3.6M | +2.3% | $794M |
| Westchester Capital Management, LLC | $3.5M | $9.68 | +$0 | +$497K | -4.3% | $2.07B |
| BERKLEY W R CORP | $3.2M | $9.99 | +$0 | +$3.2M | +0.3% | $1.86B |
| RLH Capital LLC | $2.8M | $10.10 | +$2.8M | +$2.8M | — | $197M |
| GLAZER CAPITAL, LLC | $2.8M | $10.00 | +$1.5M | +$2.8M | +8.8% | $4.51B |
| D. E. Shaw & Co., Inc. | $2.5M | $9.59 | +$0 | +$0 | -0.3% | $118.02B |
| Quarry LP | $1.8M | $9.94 | +$0 | +$1.8M | -2.5% | $483M |
| PERISCOPE CAPITAL INC. | $1.8M | $9.66 | −$566K | −$505K | +1.7% | $559M |
| ARISTEIA CAPITAL LLC | $1.2M | $9.88 | +$0 | +$1.2M | +5.0% | $2.68B |
| DLD Asset Management, LP | $1.1M | $9.89 | +$0 | +$1.1M | -3.3% | $380M |
| SkyView Investment Advisors, LLC | $807K | $9.88 | +$0 | +$807K | -12.4% | $743M |
| Crossingbridge Advisors, LLC | $615K | $9.98 | +$0 | +$615K | -0.1% | $492M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-3.12%
avg per quarter
Holders (ex-self)
-3.16%
excl. this stock
Buyers (this Q)
+0.28%
9 buyers · $0.02B in
Sellers (this Q)
+0.23%
6 sellers · $0.00B out
alpha coverage: 96% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-1.7%
how holders react when this stock falls
On quiet Qs
-9.1%
−10% to +10% baseline
On rallies (+10%+)
-10.9%
how they react when this stock rises
Holders' portfolio flow this Q
+6.5%
inflows — adds are organic
Sellers' portfolio flow this Q
-16.0%
Sellers shed AUM broadly — partly forced.
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 47.9%
HEIGHTS CAPITAL MANAGEMENT, INC--
AQR Arbitrage LLC--
HIGHBRIDGE CAPITAL MANAGEMENT LLC--
JPMORGAN CHASE & CO--
RIVERNORTH CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
HEIGHTS CAPITAL MANAGEMENT, INC790KAQR Arbitrage LLC758KCLEAR STREET LLC—JPMORGAN CHASE & CO700KHIGHBRIDGE CAPITAL MANAGEMENT LLC700KRIVERNORTH CAPITAL MANAGEMENT, LLC643KClear Street Group Inc.2KWestchester Capital Management, LLC349KMANGROVE PARTNERS392KCable Car Capital, LP392KTORONTO DOMINION BANK378KSchonfeld Strategic Advisors LLC43K
Corporate
Order Flow (FINRA, ~3w lag)
28.3%retail-19.8pp
2.9%dark+0.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
FG Merger II Corp: Working Capital Exhaustion and the $3.5 Billion Boxabl Moonshot
Overall Risk
8/10
Fraud
3/10
Dilution
9/10
Insolvency
6/10
Earnings Overstated
2/10
Hidden Liabilities
4/10
Legal
5/10
Audit Warnings
3/10
Hidden Upside
2/10
Contextually Acceptable
6/10