Faraday Future invests $41mln in Qualigen for crypto expansion.

Faraday Future has invested $41mln in Qualigen to advance its crypto business across three growth engines. The investment will be led by Faraday Future, with other investors including SIGN Foundation, Sequoia Capital, and Circle. After the transaction is completed, Qualigen is expected to be rebranded as CXC10 and focus on its Three Growth Engines in Crypto and ecosystem buildup for Web3.

Faraday Future Intelligent Electric Inc. (FFAI) has announced a strategic investment of approximately $41 million in Qualigen Therapeutics Inc. (QLGN). The investment, led by Faraday Future, aims to advance QLGN's crypto business through three growth engines, with a focus on the Web3 ecosystem. This strategic move is part of Faraday Future's broader "Dual-Flywheel & Dual-Bridge" Eco Strategy to maximize stockholder value.

The investment will be co-led by Faraday Future Founder and Co-CEO YT Jia, who will invest approximately $4 million via an FFGP loan, receiving about 7% of QLGN's common stock on a pro forma basis. The remaining $30 million will be invested by Faraday Future, securing approximately 55% of QLGN's common stock. YT Jia will also serve as a chief advisor to QLGN and lock up his shares for two years. Upon completion of the transaction, Faraday Future will have the right to nominate two of five QLGN directors, with the potential to increase to four of seven board seats if the investment is approved by QLGN stockholders.

Qualigen Therapeutics is expected to rebrand as CXC10, focusing on three growth engines in crypto and ecosystem buildup for Web3. These engines include the C10 Treasury, C10 Index, and potential C10 ETF as the value anchor; the BesTrade DeAI Agent, a nexus of users and value; and ecosystem tokens, covering the C10 stablecoin and the EAI+Crypto Dual-Bridge RWA product.

Faraday Future's investment is part of its broader strategy to integrate AI and crypto technologies, aiming to become a top U.S. public company bridging Web2 and Web3. The company expects to gradually assign management teams to lead the relevant business activities, with Jerry Wang, FF Global President, expected to be appointed as the Co-CEO of QLGN.

The investment comes as Faraday Future also revealed its stunning ultra-wide dual-screen panoramic display for the FX Super One MPV at its annual 919 event. The display, designed to cater to both driver and front passenger, balances driving and entertainment. The event also saw the approval of all core proposals, except for the name change, at a special meeting of stockholders.

Faraday Future's investment in Qualigen Therapeutics marks a significant step in its strategy to integrate AI and crypto technologies, positioning it as a leader in the convergence of Web2 and Web3.