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☆ Tiny home sensation Boxabl welcomes investors in as its founders plan to cash out $10 million
▼ + stars: | 2024-02-28 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +5 min

As the company has sought a financial lifeline by inviting more investors in, its cofounders are cashing out. The Tiramanis together previously sold off about $10 million of their shares in a 2022 fundraising round and have awarded themselves annual salaries of close to a million dollars each. "Maybe they're afraid that if they don't sell shares now they will walk away with nothing." A spigot of cash running dryBoxabl is seeking to raise $64 million in the share offering, an additional $10 million for the Tirmanis, and $1 million for other insiders at the company. AdvertisementAmong the insiders in the company seeking to sell shares in the funding round are Darryl and Lucille Maslak, the parents of Shawna Maslak, Galiano's wife.

Persons: —, Paola Tiramani, Galiano, Chad Cohen, Erik Gordon, Cohen, Darryl, Lucille Maslak, Shawna, Gordon Organizations: Service, Business, Scala Advisors, University of Michigan's Ross School of Business, Securities and Exchange Commission, University of Michigan Locations: North Las Vegas , Nevada, Canada

☆ Boxabl customers tired of waiting for their tiny homes ask for their deposits back as a cash crunch looms
▼ + stars: | 2024-02-22 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +12 min

While most of those customers say they have received their money, some said their refund requests were disputed or ignored. Two-thirds, or 23, of those people said they had asked to be refunded, or were going to ask Boxabl for their money back. Boxabl said it recently received approval to sell its homes in Arizona and is close to receiving similar clearances in California and Nevada. Amid its own dwindling cash supply, Boxabl has recently appeared less willing to grant refunds to some depositors who want out. When he sent an email in January to Boxabl asking for a refund, the company declined his request.

Persons: —, Boxabl, Dan Pena, Pena, Chris Armbruster, Gary Palmer, Palmer, He's, Galiano Tiramani, Zach Punnett, Punnett, Tiramani, What's, Paolo, Boxabl Galiano, Paolo Tiramani, Peers, Helene, Ali Faraji, Faraji, wouldn't Organizations: Service, North Las, Business, Securities and Exchange Commission, SEC, Oklahoma City, Archdiocese, Regulators, Tesla Plaid Locations: North Las Vegas, California, Los Angeles, Joshua Tree, Fort Worth , Texas, Riverside , California, Guantanamo Bay, Arizona, Nevada, Oklahoma, California , Virginia , Nevada , Arizona , Utah, Hawaii, Canada, Atlanta, Aptos, Santa Cruz

☆ Boxabl acknowledges SEC inquiry in updated filing
▼ + stars: | 2023-09-25 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +5 min

In a filing, Boxabl acknowledges it is the subject of an SEC inquiry. AdvertisementAdvertisementBoxabl has acknowledged that it is the subject of an inquiry by the Securities and Exchange Commission in an updated financial statement. Two of those people were subpoenaed, a step the SEC typically takes when it is conducting an investigation. "The SEC does not comment on the existence or nonexistence of a possible investigation," Cory Jarvis, an SEC spokesman, wrote to Insider in an email. AdvertisementAdvertisementBoxabl has been delayed in filing financial information, disclosing its full-year financial performance for 2022 in August.

Persons: Boxabl, cofounders, —, Greg Ehlers, Ehlers, Casitas, countersued, Boxable, Cory Jarvis, Galiano Tiramani, Tiramani, Paolo Organizations: SEC, Service, Securities and Exchange Commission Locations: North Las Vegas, Nevada, Portland , Oregon

☆ The SEC is asking questions about Boxabl, the tiny-home startup that boasts Elon Musk and Post Malone as fans
▼ + stars: | 2023-09-13 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +9 min

In its six years of existence, Boxabl has captured the public's imagination with its innovative tiny homes and celebrity endorsements from the likes of Elon Musk and the musician Post Malone. Three former company employees, meanwhile, said they had been contacted and interviewed in recent weeks by the SEC to speak about Boxabl, including the company's business practices. In its recent financial statement, Boxabl noted that the remaining units "that were previously reserved for that project can now be sold for other projects." In its recent financial filing, Boxabl said it paid Firooznia $210,000 in 2022 for "consulting services." Leader Capital would have netted roughly $3.7 million in the deal, which it said fell apart because of the delay.

Persons: Boxabl, Elon Musk, Post Malone, cofounders, Paolo, Galiano Tiramani, Cory Jarvis, Dave Cherry, Travis Hess, Hess, Pronghorn, it's, Hamid Firooznia, Firooznia, Caroline Larkin, Paolo Tiramani, Larkin Organizations: Securities, Exchange, SEC, Arizona's Department of Housing, Staff, Pronghorn, Leader Locations: Salt Lake City , Utah, North Las Vegas, Guantánamo, Arizona, Arizona , California, Nevada, New York City, Portland , Oregon

☆ Silicon Valley is on a knife-edge after the collapse of SVB
▼ + stars: | 2023-03-12 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +5 min

With the failure of Silicon Valley Bank, we're witnessing the biggest bank collapse since the 2008 financial crisis. On the agenda today:Before we dive in: Insider's Warehouse Nation series was recognized with a Best in Business Award from the Society for Advancing Business Editing and Writing (SABEW). And up first today: Alison Brower, Insider's LA bureau chief, explains whether the Oscars still matter in Hollywood. The Slap still stings across Hollywood, and Academy Awards organizers are working hard to make sure tonight's ceremony sparkles, Insider's Alison Brower writes. Silicon Valley Bank's implosionSilicon Valley Bank employees react to the bank's collapse Getty ImagesSilicon Valley Bank had been a pillar of the startup ecosystem for four decades.

☆ Tiny homes, big problems
▼ + stars: | 2023-03-06 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +21 min

Beyond their star appeal, low-cost tiny homes like Casitas have real-world utility. The homes have been seized upon as a solution for cities like Los Angeles to house the homeless. They showed off their homes' transportability by hitching several of them to a Tesla and filming drag races between Teslas and trucks that were hooked to trailers carrying the homes. So far, though, after a little more than a year of building, the company has fabricated only about 400 homes. Even if it were churning out thousands of units, Boxabl hasn't yet received the certifications required to sell them in most states across the country.

Tiny-home startup Boxabl amassed a 160,000-person wait list since Elon Musk was linked to a Casita. Max, who put down a $2,400 deposit for a Casita in 2021, told Insider he is fed up with the delay. They told Insider they've received little communication from the company about when the homes, called Casitas, will be finished. One Arizona-based prospective buyer, Max, told Insider that he put $2,400 down for two Boxabl homes in 2021. Boxabl's founders — the colorful father-and-son team of Paolo and Galiano Tiramani — told Insider the six-year-old startup is now worth $3 billion.

☆ A tiny-home startup has attracted 160,000 customers, including Elon Musk. But disgruntled customers, an empty factory, and a tie to an alleged Iranian agent cloud its future.
▼ + stars: | 2023-02-06 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +17 min

A Boxabl Casita being delivered to a SpaceX facility in Texas. Tackling the US housing crisisStamped out on an assembly line, Boxabl homes could finally begin to help quench America's perpetual housing shortage. Homeowners, meanwhile, could rent out Boxabl units as secondary dwellings in their backyards or as Airbnbs. Firooznia, Tiramani said, sometimes provided a tiebreaking vote when the father and son disagreed on business decisions. During a tour of Boxabl's factory in December, a freelance reporter for Insider saw Tiramani's wife, Shauna, arrive with their four young children.

☆ Ghana orders mining firms to sell 20% of refined gold to c.bank
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Nov 25 (Reuters) - Ghana has ordered all large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday. All community mining schemes and licensed small-scale miners will also have to sell their gold to the government through PMMC from the same date onwards. "The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at spot price with no discounts," he added. However, Bank of Ghana Communications Officer Sam Opoku told Reuters he could not confirm or deny whether Bawumia's order was being considered. Gold miners Newmont Corp (NEM.N), Gold Fields Ltd (GFIJ.J), AngloGold Ashanti Ltd (ANGJ.J), Galiano Gold Inc (GAU.TO) and Asante Gold Corp (ASE.CD), all of which have gold mines in Ghana, did not immediately respond to Reuters' requests for comment.

Tiny homes had a coming-out party in 2022, as more places began building or budgeting for tiny home villages. Gimmicks aside, tiny homes are being used as solutions to housing crises in cities like Chicago or Bridgeton, New Jersey — where tiny homes are being used to house former inmates for free after their release. The often-modular approach of tiny homes can help reduce construction costs and make housing cheaper. Tiny homes can range in price and aesthetics, but typically remain under 600 square feet. We've compiled a list of the hottest tiny-home companies to look out for in 2023, all shaking up real estate in different ways.

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