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Faraday Future invests $41M in Qualigen to rebrand it CXC10 and pivot to Web3, gaining 62% control.
Faraday Future has made a $41 million strategic investment in Qualigen Therapeutics (QLGN) via a PIPE transaction, led by the company and its CEO YT Jia, to advance crypto and Web3 initiatives.
The deal, pending shareholder approval, will rebrand QLGN as CXC10 and shift its focus from biopharmaceuticals to digital innovation.
Faraday Future and Jia will collectively own over 62% of QLGN’s common stock, with key leadership roles assigned to FF executives.
The transaction allows Faraday Future to concentrate on electric vehicles while isolating its digital ventures, supported by investors including SIGN Foundation, Sequoia Capital, IDG, and Circle.
The partnership aims to create long-term value through strategic synergies across technology ecosystems.
Faraday Future invierte $ 41M en Qualigen para cambiar su marca a CXC10 y pivotar a Web3, obteniendo un control del 62%.