Faraday Future Intelligent Electric Inc. (FFAI) announced a strategic investment of $41 million in Qualigen Therapeutics Inc. (QLGN) to advance its crypto business during its Annual 919 Event. The investment will be led by Faraday Future, with other investors including SIGN Foundation, Sequoia Capital, IDG, and Circle. Faraday Future will invest $30 million for about 55% of QLGN’s common stock, while Founder & Global Co-CEO YT Jia will invest $4 million for about 7% of the stock. After the transaction, FF will have the right to nominate directors for QLGN, which is expected to be rebranded as CXC10. CXC10 will focus on Three Growth Engines in Crypto and ecosystem buildup for Web3.

Read more at Nasdaq: Faraday Future Invests $41 Mln In Qualigen To Power Crypto Expansion Across Three Growth Engines