Qualigen Therapeutics closes $41M PIPE financing led by Faraday Future

Qualigen Therapeutics (QLGN) announced the closing of a $41M private investment in public equity financing led by Faraday Future Intelligent Electric (FFAI), along with its Founder and Global Co-CEO YT Jia, President Jerry Wang, SIGN Foundation. FF has invested $30M in QLGN common and preferred stock, representing approximately 55% of pro forma beneficial ownership. YT Jia, has personally invested approximately $4M and signed up a two-year voluntary lockup, representing approximately 7% ownership. The Company plans to use majority of the financing to establish its new crypto business adventure. This financing marks a defining milestone in Qualigen’s evolution as the Company embarks on a strategic transformation into a Web3- and crypto-focused business, with plans to rebrand as CXC10 soon. Moving forward, the Company’s existing business will continue to progress, and on this basis, is initiating a new crypto business, CXC10. As part of this strategic investment, Jerry Wang joins as Co-CEO, while Mr. Jia serves as Chief Advisor. Koti Meka, CFO of FF, was appointed as CFO of QLGN.