Core Viewpoint - Faraday Future (FF) announced a strategic investment in Qualigen Therapeutics, Inc. (QLGN) to enhance its Crypto and Web3 business initiatives, with an investment amount exceeding $41 million [1][5]. Group 1: Strategic Investment - FF is leading a strategic investment in QLGN, with participation from various investors including Binance Labs and Sequoia Capital, aiming to create a bridge between Web2 and Web3 [1][5]. - The investment is expected to exceed $41 million, with FF founder Jia Yueting personally investing $4 million and voluntarily locking his shares for two years [1][5][9]. - Following the investment, FF and Jia Yueting will collectively hold approximately 62% of QLGN's shares [5][6]. Group 2: Business Development - QLGN will be renamed CXC10 and will focus on developing six major products under the Crypto "three-horse carriage" business model [7]. - The company aims to become the first stock in the U.S. that integrates Web2+Web3 and AI+Crypto [5][7]. - C10 Treasury has already completed approximately $10 million in crypto asset allocation, achieving a floating profit of about 7% [8]. Group 3: Leadership and Governance - Jia Yueting will serve as the chief advisor for QLGN, while FF's global president Jerry Wang will take on the role of Co-CEO [6]. - After the completion of the transaction, FF will have the right to nominate two out of five independent board seats, potentially increasing to four out of seven after shareholder approval [6]. Group 4: Debt Management - Jia Yueting announced the establishment of a second creditor trust, committing half of his equity incentives and personal investment returns to repay debts under Chinese law, while the other half will be used for vehicle production [9].

Core Viewpoint - Faraday Future (FF) announced a strategic investment in Qualigen Therapeutics, Inc. (QLGN) and initiated collaboration in Crypto and Web3 business, with QLGN's stock price experiencing a significant increase post-announcement [1][4][10]. Investment Details - The strategic investment led by FF is expected to exceed $41 million, pending shareholder approval and other conditions [4][10]. - FF's founder and Co-CEO, Jia Yueting, is investing $4 million as a cornerstone investor and will lock his shares for two years [4][14]. - After the investment, FF and Jia Yueting will collectively hold approximately 62% of QLGN [14]. Business Strategy - The investment is part of FF's "dual-flywheel and dual-bridge" strategy, aiming to integrate Web2 with Web3 and AI with Crypto, maximizing value for shareholders [15]. - QLGN will be renamed CXC10 and will focus on developing six major products under the Crypto "three-horse carriage" business model [16]. Product Development - The FX Super One vehicle was showcased, featuring the EAI Space, which offers a personalized, multi-modal, immersive experience for users [6][9]. - The vehicle is set to have its first unit roll off the production line in the U.S. by the end of the year, with deliveries in the Middle East expected in November [6][8]. Financial Performance - The C10 Treasury has completed approximately $10 million in crypto asset allocation, achieving a floating profit of about 7% as of September 18 [17].

Core Viewpoint - Faraday Future (FF) announced a strategic investment of $41 million in Nasdaq-listed QLGN, marking a significant step in its "dual flywheel and dual bridge strategy" to integrate Web2 and Web3, as well as AI and Crypto, aiming to create the first stock in the U.S. that combines these elements [1][3][4]. Investment Details - FF will invest approximately $30 million to acquire about 55% of QLGN, while founder Jia Yueting will invest $4 million for around 7% ownership, resulting in FF and Jia collectively holding about 62% of QLGN post-transaction [5]. - The investment is expected to create the fastest spin-off listing in Nasdaq history, with the strategic investment initiated on August 16 and the announcement of the spin-off on September 13 [4][5]. Strategic Significance - The investment signifies three major implications: 1. Enhanced independent operation and mutual empowerment of FF's EAI and Crypto businesses, maximizing value for shareholders and blockchain community [3]. 2. A focused approach on EAI business, with Crypto providing access to Web3 and creating new value through RWA [3]. 3. Independent financing for CXC10, preventing dilution of FF's shares while integrating CXC10's core value into FF's listing structure [3]. Future Developments - Following the completion of necessary approvals, QLGN will be renamed CXC10, with the goal of becoming the leading stock in the U.S. that integrates Web2, Web3, EAI, and Crypto [5]. - FF plans to deploy a management team to oversee operations at QLGN, with Jia Yueting serving as Chief Advisor and FF's global president Jerry Wang as Co-CEO [5]. Product Launches - During the event, FF unveiled the FX Super One MPV, showcasing its EAI Space features, which support multi-modal interactions [8]. - CXC10 introduced six major products under its Crypto "three-horse carriage" strategy, including C10 Treasury, C10 Index, C10 ETF, BestTrade DeAI Agent, and a Crypto ecosystem token system [9]. Commitment to Debt Repayment - Jia Yueting announced the establishment of a second creditor trust, committing to use half of the equity incentives from his Co-CEO position and profits from his $4 million investment to repay debts under Chinese law and support vehicle production [11].

Core Viewpoint - Faraday Future (FF) is taking significant steps to address its debt obligations while simultaneously investing in growth opportunities, particularly through a strategic investment in Qualigen Therapeutics, Inc. (QLGN) and the establishment of a creditor trust by its founder and Co-CEO Jia Yueting [1][3][4] Group 1: Debt Management and Trust Establishment - Jia Yueting announced the creation of a second creditor trust, committing to allocate 50% of his personal earnings from stock incentives and investment returns to repay debts under Chinese law, while the other half will be used for vehicle production [3] - The trust's establishment details will be disclosed in the future, emphasizing the company's commitment to fulfilling its debt obligations [3] Group 2: Strategic Investment in QLGN - FF is leading a strategic investment of $41 million in NASDAQ-listed Qualigen Therapeutics, Inc. (QLGN), with FF contributing approximately $30 million for about 55% ownership, while Jia Yueting personally invests $4 million for about 7% ownership [4] - Following the investment announcement, QLGN's stock surged by up to 111%, reflecting strong market interest [2][3] - After the transaction, FF and Jia Yueting will collectively hold approximately 62% of QLGN, with Jia Yueting taking on the role of Chief Advisor and FF's global president Jerry Wang becoming Co-CEO of QLGN [4] Group 3: Future Business Directions - QLGN will be rebranded as CXC10 and will focus on developing six major products under its Crypto "three-horse carriage" business model, aiming to become a leading player in the intersection of Web2, Web3, and EAI + Crypto sectors [4] - FF's Crypto business is positioned to become one of the fastest companies to achieve a split listing on NASDAQ [4]

Core Viewpoint - Faraday Future (NASDAQ: FFAI) announced a PIPE investment of approximately $41 million in Qualigen Therapeutics (NASDAQ: QLGN), which will rebrand to CXC10 and focus on the crypto and Web3 ecosystem after the transaction [1] Investment Details - The investment will result in FFAI and its founder Jia Yueting holding over 62% of the shares combined, with Jia personally investing $4 million and committing to a two-year lock-up period [1] - Faraday Future's President Jerry Wang will become Co-CEO of QLGN, while CFO Koti Meka will take on the CFO role [1] Strategic Partnerships - The investment is supported by Binance Labs and other participants from the SIGN Foundation [1]

Core Insights - Faraday Future Intelligent Electric Inc. (FF) has signed a securities purchase agreement with Qualigen Therapeutics, Inc. (QLGN) to invest in QLGN's common and preferred stock through a private investment in public equity (PIPE) totaling approximately $41 million [1] Investment Details - The PIPE investment is led by Faraday Future and its co-CEO Jia Yueting, with participation from other investors including SIGN Foundation, which is supported by Binance Labs, Sequoia Capital (U.S., India, China), IDG, and Circle [1] - FF's global president Jerry Wang also participated in this investment round [1] Strategic Collaboration - The partnership aims to fully cooperate in developing cryptocurrency and Web3 business initiatives [1]

Core Insights - Faraday Future (FF) has signed a securities purchase agreement with Nasdaq-listed Qualigen Therapeutics, Inc. (Nasdaq: QLGN) to invest in QLGN's common and preferred stock through a private investment in public equity (PIPE) [1] - Following shareholder approval, QLGN will be renamed CXC10 and will focus entirely on cryptocurrency and Web3 ecosystem development [1] Group 1 - FF will collaborate with QLGN to develop cryptocurrency and Web3 business initiatives [1] - The investment marks a strategic move for FF to diversify its business interests into the growing Web3 sector [1]

Core Viewpoint - Faraday Future and Qualigen Therapeutics have entered into a securities purchase agreement for a private investment in public equity (PIPE), focusing on a new crypto and Web3-related business [1][2][3] Investment Details - The PIPE financing totals approximately $41 million, led by Faraday Future and its Founder YT Jia, with participation from other investors including SIGN Foundation, Sequoia Capital, IDG, and Circle [3][4] - Faraday Future will invest about $30 million in Qualigen at an effective price of $2.246 per share, resulting in beneficial ownership of approximately 55% of Qualigen's outstanding common stock [4][6] - YT Jia plans to invest around $4 million personally, representing about 7% ownership of Qualigen's common stock, with a two-year voluntary lock-up on this investment [4][5] Management Changes - Following the transaction, YT Jia will become Chief Advisor of Qualigen, Jerry Wang will be appointed Co-CEO, and FF CFO Koti Meka will serve as CFO [5] - Faraday Future will have the right to nominate two of the five independent directors, which could increase to four of seven seats if approved [5] Strategic Focus - The structure of this investment allows Faraday Future to concentrate on its electric vehicle strategy while Qualigen focuses on growth in crypto and Web3, creating strategic synergies and maximizing stockholder value [7][8] - This investment is seen as a significant milestone for both companies, with leadership from Faraday Future expected to drive transformative changes at Qualigen [8]

Core Viewpoint - Faraday Future and Qualigen Therapeutics have entered into a securities purchase agreement for a private investment in public equity (PIPE), focusing on expanding into crypto and Web3-related business [1][2] Group 1: Investment Details - The PIPE financing totals approximately $41 million, led by Faraday Future and its Founder YT Jia, with participation from other notable investors including SIGN Foundation, Sequoia Capital, IDG, and Circle [2] - Faraday Future will invest about $30 million in Qualigen at an effective price of $2.246 per share, acquiring approximately 55% of QLGN's outstanding common shares [3] - YT Jia plans to invest around $4 million personally, representing about 7% ownership of QLGN's common stock, with a two-year lock-up on this investment [3] Group 2: Management and Governance Changes - Following the transaction, YT Jia will become Chief Advisor of QLGN, while Jerry Wang will be appointed Co-CEO and FF CFO Koti Meka will take on the role of CFO [4] - Faraday Future will have the right to nominate two of the five independent directors, with potential to increase this to four of seven seats upon stockholder approval [4][5] Group 3: Strategic Focus - This investment structure allows Faraday Future to concentrate on its electric vehicle strategy while Qualigen focuses on growth in crypto and Web3, creating strategic synergies and unlocking new financing channels [6] - YT Jia emphasized the importance of this strategic investment as a milestone for Faraday Future, aiming to connect electric automotive innovation with crypto and bridge Web2 with Web3 [7]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Qualigen Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commissi ...