Faraday Future completes $41 million investment in Qualigen Therapeutics

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) completed a $41 million strategic investment in Qualigen Therapeutics Inc. (NASDAQ: QLGN), the company announced Monday.

The investment includes approximately $30 million from Faraday Future and $4 million from company founder YT Jia, along with other investors including SIGN Foundation. Following the transaction, Faraday Future holds approximately 55% of Qualigen's pro forma common stock, while Jia holds about 7%.

Jia committed to a two-year lock-up period for his shares. The investment was initially announced during Faraday Future's September 19 event.

Qualigen Therapeutics is transitioning toward cryptocurrency and Web3 business activities and plans to rebrand as CXC10, according to the announcement.

"With this investment officially closed, Faraday Future is entering a new phase in executing its global eco-strategy that links EAI and crypto, Web2 and Web3," Jia said in a statement.

The transaction is part of Faraday Future's "Dual-Flywheel & Dual-Bridge Eco-Strategy." Other investors in the deal include SIGN Foundation, a blockchain technology company backed by Binance Labs, Sequoia Capital, IDG, and Circle.

Faraday Future, founded in 2014, manufactures electric vehicles including the FF 91 model. The California-based company has been working to expand its vehicle production and market reach.

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