Faraday Future Announces Strategic $41 Million Investment in Qualigen Therapeutics, Inc. (NASDAQ: QLGN) f for Crypto Business Through PIPE Transaction

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]