Qualigen Therapeutics Secures $41 Million in PIPE Financing for Strategic Shift

According to BlockBeats, Qualigen Therapeutics, Inc. (NASDAQ: QLGN) has successfully completed a $41 million PIPE financing round. The investment was led by Faraday Future Intelligent Electric (NASDAQ: FFAI), with participation from its founder and Global Co-CEO Jia Yueting, President Jerry Wang, SIGN Foundation, Sequoia Capital (U.S., India, China), IDG, and Circle. Faraday Future invested $30 million to acquire common and preferred shares of Qualigen, representing approximately 55% of the post-financing equity. Jia Yueting personally invested around $4 million and has voluntarily agreed to a two-year lock-up period, holding about 7% of the shares. The company plans to allocate a significant portion of the funds to expand its new crypto business. This financing marks a pivotal milestone in Qualigen's strategic transition towards the Web3 and crypto sectors, with plans to rebrand as CXC10. While maintaining its existing business foundation, the company will focus on three growth engines and six core products to build its crypto business: - C10 Value Anchor System: Establishing a value benchmark through the C10 digital asset library, C10 index, and potential C10 ETF. - DeAI Smart Agent: Launching the AI crypto trading assistant BesTrade to connect users with value discovery. - RWA and Ecosystem Tokens: Issuing the C10 stablecoin and the "AI+Crypto" dual-bridge RWA product to link traditional assets with Web3. The company's goal is to become a leading U.S. publicly traded company connecting Web2 and Web3, AI, and the crypto sector, pioneering a new paradigm that integrates AI, crypto, and the traditional economy. With this round of financing, Jerry Wang has been appointed Co-CEO, Jia Yueting will serve as Chief Advisor, and Faraday Future CFO Koti Meka will also take on the role of Qualigen CFO.