Faraday Future announces investment of $41M in Qualigen Therapeutics

* Faraday Future (NASDAQ:FFAI [https://seekingalpha.com/symbol/FFAI]) said on Sunday that it is strategically investing [https://seekingalpha.com/pr/20239048-faraday-future-announced-a-total-strategic-investment-of-41-million-in-qualigen-therapeutics] in public company Qualigen Therapeutics (QLGN [https://seekingalpha.com/symbol/QLGN]), which will start a crypto- and Web3-related business.
* The announcement, which included numerous company updates, occurred at its annual 919 event, held on Friday, Sept. 19, at its Los Angeles headquarters.
* The investment will be led by FF, together with Founder & Global Co-CEO YT Jia, with other investors including SIGN Foundation, a blockchain technology company backed by Binance Labs, Sequoia Capital, IDG, and Circle.
* With stockholder approval and other closing conditions, the total investment will be approximately $41M, subject to final closing adjustments.
* FF will invest about $30M and receive about 55% of QLGN’s common stock on a pro forma basis. With a loan from FFGP, YT Jia will invest $4M and receive about 7% of QLGN’s common stock on a pro forma basis. As a cornerstone investor, YT will lock up his shares for two years.
* FF plans to gradually start to assign management teams to lead the relevant business activities. YT Jia will also serve as a chief advisor to QLGN, and FF Global President Jerry Wang is expected to be appointed as the Co-CEO of QLGN.
* After the transaction is completed, FF will have the right to nominate two of five QLGN directors. If the investment is approved by QLGN stockholders, FF's nomination rights could increase to four of seven board seats.

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