Core Insights - Qualigen Therapeutics, Inc. has successfully closed a $41 million private investment in public equity (PIPE) financing, led by Faraday Future Intelligent Electric Inc. and other prominent investors [1][2] - The financing will primarily support the establishment of a new crypto business venture, CXC10, as the company transitions into a Web3 and crypto-focused entity [2][3] Investment Details - Faraday Future has invested $30 million in Qualigen's common and preferred stock, equating to approximately 55% of pro forma beneficial ownership [2] - YT Jia, the Founder and Global Co-CEO of Faraday Future, has personally invested around $4 million, representing about 7% ownership, and has committed to a two-year voluntary lockup [2] Strategic Transformation - Qualigen is undergoing a strategic transformation to rebrand as CXC10, focusing on bridging Web2 and Web3, as well as integrating AI and crypto [3] - The company aims to develop three growth engines with six key products under the CXC10 brand, positioning itself as a leading U.S. public company in the crypto space [3][7] Leadership Changes - As part of the investment, Jerry Wang has joined Qualigen as Co-CEO, while YT Jia will serve as Chief Advisor [4] - Koti Meka, CFO of Faraday Future, has been appointed as CFO of Qualigen [4] Future Plans - The company plans to enhance its strategic focus, strengthen technical capabilities, and adopt an open ecosystem approach to achieve its goals [5]

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 has officially launched its "EAI + Crypto" Dual-Flywheel & Dual-Bridge Ecosystem Strategy, marking a significant step in AI mobility and Web3 integration [4][8][9] Group 1: Strategy Overview - The new strategy integrates Embodied AI (EAI) with the growing crypto asset economy, creating a circular growth engine between Web2 and Web3 [9][11] - The initiative aims to position Faraday Future at the forefront of global industrial and financial evolution [9][11] - The strategy is expected to enhance the company's growth potential by combining the long-cycle EAI EV ecosystem with the short-cycle crypto ecosystem [12][19] Group 2: Financial Goals and Products - Faraday Future plans to target $500 million to $1 billion in initial crypto asset purchases, with the first tranche of $30 million to be initiated soon [10][15] - The C10 Treasury will adopt an 80% passive and 20% active portfolio allocation model, aiming for sustainable returns to fund product innovation and potential stock buybacks [10][15] - The C10 Index, a market-cap-weighted basket of the top 10 crypto assets (excluding stablecoins), will be tracked in real-time [14][15] Group 3: Structural and Operational Aspects - A wholly owned subsidiary, FFAI Crypto Treasury and Bridging Holdings Inc., will be established to manage the crypto business, ensuring risk isolation and transparency [17][18] - The strategy includes plans for tokenized vehicle sales and crypto-based deposits, leveraging blockchain technology for a decentralized mobility economy [13][19] - The operational structure is designed to promote independence between the crypto and EV businesses while allowing for strategic synergies [18][19]

Core Viewpoint - Faraday Future (FF) has launched its innovative "EAI+Crypto" dual-flywheel and dual-bridge ecological strategy, marking a new chapter in the integration of smart mobility and Web3, with the introduction of the C10 index, which aims to accumulate and compound the top ten global crypto assets [1][5][8] Group 1: Strategic Initiatives - The company plans to actively pursue a crypto asset ETF license, with an initial asset procurement plan of $500 million to $1 billion, starting with a $30 million allocation expected to begin implementation next week [3][9] - FF aims to create a dual-flywheel system that combines the stable EAI EV ecosystem with the fast-paced Crypto ecosystem, facilitating mutual empowerment and redefining the market for mobility and crypto assets [5][6][8] Group 2: Market Context - The emergence of the Web3 era is marked by significant regulatory developments in the U.S., including the passage of the first federal crypto legislation and the SEC's launch of "Project Crypto," indicating a major shift in the global tech and finance landscape [7] - FF's EAI EV flywheel is characterized by long cycles, capital intensity, and high value, while the Crypto flywheel is defined by short cycles and high cash flow, allowing for effective integration and mutual benefits [7][8] Group 3: Financial Projections - The C10 Treasury plan will utilize an "80% passive + 20% active" asset allocation strategy, aiming for stable, sustainable returns through a combination of index-based and actively managed investments [10][12] - The projected annual yield from a $1 billion C10 Treasury could generate approximately $30 million to $50 million in fixed income, enhancing the company's financial statements and cash flow [12][13] Group 4: Operational Structure - The Crypto flywheel will be operated by a wholly-owned subsidiary of FF, ensuring operational independence and risk isolation from the EAI EV business, which is crucial for future strategic partnerships and potential spin-offs [12][14] - The company emphasizes transparency and independence in its operations, with third-party custody of crypto assets and clear visibility of holdings, ensuring safety and sustainability [14]