Faraday Future and Qualigen Therapeutics have entered into a securities purchase agreement for a private investment in public equity (PIPE) in QLGN’s common stock and preferred stock valued at approximately $41 million. Faraday Future will invest around $30 million in QLGN, representing approximately 55% ownership. Founder YT Jia will personally invest $4 million, owning about 7% of QLGN’s common stock. Faraday Future will have nomination rights for board seats and participation rights in future financing. Following the transaction, Faraday Future and YT Jia are expected to own over 62% of QLGN’s outstanding common stock. This move allows Faraday Future to focus on EV strategy while QLGN drives growth in crypto and Web3 technologies.

Faraday Future’s Founder and Global Co-CEO YT Jia believes this investment will create a company powered by Dual Flywheel synergy and Dual Bridge empowerment, connecting EAI with crypto and bridging Web2 with Web3. Qualigen Therapeutics CEO Kevin Richardson is excited about the transformative transaction and the new opportunities it brings to the company. The strategic investment aligns with Faraday Future’s goal of disrupting the automotive industry and creating a user-centric, technology-first driving experience. This move will allow QLGN to focus on advancing crypto and Web3 technologies, creating synergies and maximizing value for stockholders.

Univest Securities, LLC served as the sole placement agent for this transaction, with legal representation from Pryor Cashman for Faraday Future and Lucosky Brookman for Qualigen Therapeutics. QLGN also retained a capital market advisor for future activities. Faraday Future is expected to concentrate on EV strategy, while QLGN focuses on advancing crypto and Web3 technologies, creating synergies between the two companies. This strategic investment will help both companies grow and maximize value for stockholders.

Read more at GlobeNewswire: Faraday Future Announces Strategic $41 Million Investment