Faraday Future: Independently listed web3 company named CXC10, has completed approximately US$10 million in crypto asset allocation

According to Globenewswire, Faraday Future founder and co-CEO Jia Yueting announced in the weekly investor update that the company has officially launched a cryptocurrency flywheel spin-off plan and will quickly establish a second independent listed company CXC10 to form a dual listed company structure. The spin-off plan has been approved by the board of directors and CXC10 will independently raise and operate, aiming to become one of the leading Web3 listed companies in the U.S. stock market. The company is working closely with investment banks, potential strategic investors and law firms, and detailed progress will be announced at the annual shareholders' meeting on September 19. It is reported that the split is intended to solve two major concerns among shareholders: first, after CXC10 independent financing, C10Treasury will no longer dilute FFAI stock; second, each team can focus more on core business. Currently, C10Treasury has completed approximately US$10 million in crypto asset allocation, performing strongly and outperforming the C10 index.