Jia Yueting officially enters the encryption field, leading a $41 million financing for Qualigen with Faraday Future.

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 of financing was led by Faraday Future Intelligent Electric (Nasdaq: FFAI), with participation from its founder and global co-CEO Jia Yueting, president Jerry Wang, as well as institutions such as the SIGN Foundation, Sequoia Capital (US-India-China), IDG, and Circle. Faraday Future invested $30 million to acquire Qualigen’s common and preferred stock, accounting for about 55% of total equity after financing. Jia Yueting personally invested approximately $4 million and voluntarily locked up his shares for two years, holding about 7%. The company plans to use most of the funds to expand into new encryption businesses. This financing marks a key milestone for Qualigen in initiating a strategic transformation towards Web3 and the encryption field, with the company planning to rename itself CXC10. In the future, while maintaining the existing business, the focus will be on three major growth engines and six core products to build the encryption business: · C10 Value Anchoring System: Establishing a value benchmark through the C10 digital asset library, C10 index, and potential C10 ETF · DeAI Intelligent Agent: Launching AI encryption trading assistant BesTrade to connect users with value discovery · RWA and Ecological Tokens: Issuing C10 stablecoin and 'AI+encryption' dual bridge RWA products to connect traditional assets with Web3. The company's goal is to become a top U.S. publicly listed company connecting Web2 with Web3, AI with encryption, and to create a new paradigm for the integration of AI, encryption, and the traditional economy. With this round of financing, Jerry Wang will serve as co-CEO, Jia Yueting will act as chief advisor, and Faraday Future CFO Koti Meka will also serve as Qualigen CFO.