Electric vehicle maker Faraday Future Intelligent Electric Inc. (FFAI) will take a majority stake in Qualigen Therapeutics (QLGN) as part of a $41m private investment in public equity (PIPE) aimed at driving the biotech firm’s pivot to crypto and Web3.
The deal, announced jointly by the companies, will see Faraday Future invest $30m at $2.246 per share, giving it 55% ownership of QLGN’s outstanding common stock. Founder and Global Co-CEO YT Jia will personally commit an additional $4m, equal to a 7% stake, and has agreed to a two-year lock-up period.
On completion, QLGN is expected to rebrand as CXC10, with a new strategy centered on crypto and ecosystem building for Web3. The transition has already secured majority shareholder support, according to both firms.
The financing round also includes blockchain-focused SIGN Foundation, backed by Binance Labs, Sequoia Capital, IDG, and Circle. Faraday Future’s President Jerry Wang participated in the round and will become Co-CEO of QLGN, while FF’s CFO Koti Meka will take over as CFO. Jia will serve as Chief Advisor, and FF will hold the right to nominate multiple board directors.
Following the PIPE, Jia and Faraday Future are projected to control more than 62% of QLGN, based on outstanding shares at pricing. FF said the structure will enable it to advance its EV strategy while allowing QLGN to pursue crypto growth independently, creating what Jia described as a “Dual Flywheel synergy” linking electric mobility and blockchain.
“This strategic investment represents an important milestone in our evolution,” Jia said. “We are connecting AI with crypto and bridging Web2 with Web3.”
QLGN chief executive Kevin A. Richardson called the transaction “transformative,” saying it positions the firm for long-term growth in digital economies.
Univest Securities acted as sole placement agent, with legal counsel from Pryor Cashman for FF and Lucosky Brookman for QLGN.
