Jia Yueting enters the crypto sector, leading Faraday Future to co-lead Qualigen's $41 million financing round

On September 30, according to official news, Qualigen Therapeutics, Inc. (NASDAQ: QLGN) announced today the successful completion of a $41 million PIPE financing. This round was led by Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI), with its founder and Global Co-CEO Jia Yueting, President Jerry Wang, as well as SIGN Foundation, Sequoia Capital (US, India, China), IDG, Circle, and other institutions participating. Faraday Future invested $30 million to acquire Qualigen common and preferred stock, accounting for approximately 55% of the post-financing total equity. Jia Yueting personally invested about $4 million and voluntarily locked up his shares for two years, holding about 7% equity. The company plans to use most of the funds to expand its new crypto business. This financing marks a key milestone for Qualigen's strategic transformation towards Web3 and the crypto sector, with the company planning to rename itself CXC10. In the future, while maintaining its existing business, the company will focus on building its crypto business around three major growth engines and six core products: · C10 Value Anchoring System: Establishing a value benchmark through the C10 digital asset library, C10 index, and a potential C10 ETF · DeAI Intelligent Agent: Launching the AI crypto trading assistant BesTrade, connecting users with value discovery · RWA and Ecosystem Tokens: Issuing the C10 stablecoin and "AI+Crypto" dual-bridge RWA products, linking traditional assets with Web3 The company's goal is to become a top US-listed company connecting Web2 and Web3, AI and crypto, and to pioneer a new paradigm combining AI, crypto, and the traditional economy. With this round of financing, Jerry Wang will serve as Co-CEO, Jia Yueting as Chief Advisor, and Faraday Future CFO Koti Meka will also serve as Qualigen CFO.