Faraday Future plans to invest $41 million in Qualigen through PIPE for cryptocurrency business

PANews reported on September 20 that according to the official announcement, Faraday Future announced a strategic investment of US$41 million in Qualigen Therapeutics, Inc. (NASDAQ: QLGN) through private equity investment (PIPE) transactions, and will launch cryptocurrency and Web3-related businesses. After completing the necessary shareholder approval process, QLGN is expected to be renamed CXC10, focusing on its three major growth engines: cryptocurrency and Web3 ecosystem construction. The PIPE financing was led by Faraday Future and its founder and global co-CEO Jia Yueting, and participated by blockchain technology company SIGN Foundation. FF President Wang Jianjun also participated in the financing. Faraday Future agreed to invest approximately $30 million in QLGN at an actual price of $2.246 per share, which is equivalent to holding approximately 55% of QLGN's issued common stock. In addition, Jia Yueting personally plans to invest about US$4 million, equivalent to holding about 7% of QLGN's common stock. Jia Yueting also agreed to make a two-year voluntary lockdown on his personal investment. After the completion of this transaction, Jia Yueting will serve as chief consultant of QLGN, Wang Jianjun will be appointed co-CEO of QLGN, and FF Chief Financial Officer Koti Meka will be appointed chief financial officer.