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]