FF's $41M Boost Transforms QLGN into CXC10: Bridging Web2, Web3 with AI and Crypto

Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) announced a strategic investment of $41 million in Qualigen Therapeutics, Inc. (NASDAQ: QLGN) during its annual 919 event in Los Angeles on September 19, 2025. The investment, led by FF and its founder and global co-CEO Jia Yueting, includes $30 million from FF and $4 million from Jia via an FFGP loan. FF will receive approximately 55% of QLGN’s common stock, while Jia’s investment accounts for about 7%, with both parties agreeing to a two-year lockup period for Jia’s shares . The deal also involves participation from blockchain infrastructure firm SIGN Foundation and venture capital firms Sequoia Capital, IDG, and Circle . Upon completion, FF will hold the right to nominate two of five QLGN board members, potentially increasing to four of seven seats if shareholder approvals are secured .

QLGN plans to rebrand as CXC10, positioning itself as a U.S. public company bridging Web2 and Web3 ecosystems while integrating AI and cryptocurrency. The rebrand aligns with QLGN’s focus on three growth engines: (1) C10, a value anchor covering treasury, index, and potential ETFs; (2) BesTrade DeAI Agent, an AI-driven trading platform; and (3) ecosystem tokens, including a stablecoin and EAI+Crypto Dual-Bridge RWA product . Jia emphasized the synergy between FF’s Dual-Flywheel strategy and QLGN’s crypto initiatives, stating the partnership would “connect EAI with crypto and bridge Web2 with Web3” .

The C10 Treasury, which allocates 20% of its $10 million crypto assets actively, has already outperformed the C10 Index by 7% as of September 18, according to unrealized gains . FF’s FX Super One MPV, unveiled at the 919 event, features EAI-powered AI cabin technology and is expected to begin deliveries in November 2025, with a Middle East launch slated for October . The vehicle’s dual-screen display and multimodal interface highlight FF’s focus on integrating AI into mobility solutions.

The investment structure ensures FF’s EV strategy remains independent while QLGN drives crypto and Web3 growth without diluting FF’s shareholders. Post-transaction, FF and Jia will collectively own 62% of QLGN’s shares, granting FF participation rights in future QLGN financing . QLGN’s CEO Kevin Richardson described the deal as “transformative,” citing board support and FF’s leadership in reshaping the company’s trajectory .

The transaction requires QLGN shareholder approval and regulatory clearances. If finalized, FF’s CFO Koti Meka and President Jerry Wang will join QLGN’s leadership as CFO and Co-CEO, respectively . The move underscores FF’s broader strategy to leverage blockchain and AI to maximize shareholder value, with Jia noting the potential for “massive value creation” through dual-ecosystem integration .