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LOS ANGELES and CARLSBAD, Sept. 19, 2025 (GLOBE NEWSWIRE) -- Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) ("Faraday Future", "FF" or "Company"), a California-based global shared intelligent electric mobility ecosystem company, and Qualigen Therapeutics, Inc. (NASDAQ:QLGN) ("QLGN"), jointly announced that they have entered into a securities purchase agreement (the "Agreement") for a private investment in public equity (PIPE) in QLGN's common stock and preferred stock, and will start a in Crypto and web3-related business.
The PIPE financing is being led by Faraday Future and its Founder and Global Co-CEO YT Jia, together with other investors including SIGN Foundation, a blockchain technology company backed by Binance Labs, Sequoia Capital (US, India, China), IDG, and Circle, building software infrastructure for governments and the next generation of capital markets, with a peak token valuation of $1.35 billion. The total financing is for approximately $41 million. Jerry Wang, the President of FF, also participated in this financing.
Under the terms of the Agreement, Faraday Future has agreed, subject to the closing conditions, to invest approximately $30 million in QLGN at an effective price of $2.246 per share, representing beneficial ownership of approximately 55% of QLGN's outstanding common shares. In addition, YT Jia intends to personally invest approximately $4 million, representing ownership of about 7% of QLGN's common stock. As a cornerstone investor, YT Jia has also agreed to a two-year lock-up on his personal investment.
At the closing of this transaction, YT Jia will serve as a Chief Advisor of QLGN, Jerry Wang will be appointed as Co-CEO of QLGN, and FF CFO Koti Meka will be appointed as CFO. FF will also have the right to nominate two of the five independent directors. If the proposal is approved at the stockholders' meeting, FF's nomination rights could increase to four of the seven seats. FF will also have participation rights as to QLGN's future financing.
Following completion of the PIPE and the stockholder approval, Faraday Future and its Founder and Global Co-CEO YT Jia, are expected to beneficially own over 62% of QLGN's outstanding common stock, based on shares outstanding as of the pricing date, giving pro forma effect to the transaction.
This structure will allow FFAI to concentrate on advancing its EV strategy while QLGN can focus on driving growth in crypto and Web3, creating strategic synergies, unlocking new financing channels, and maximizing stockholder value without additional dilution to FFAI stockholders for the crypto-related business.
"This strategic investment represents an important milestone in our evolution," said YT Jia, Founder and Global Co-CEO of Faraday Future. "I believe that FFAI will truly become a company powered by Dual Flywheel synergy and Dual Bridge empowerment—connecting EAI with crypto, and bridging Web2 with Web3."
"This is a very exciting day for all stakeholders of Qualigen Therapeutics." Said Kevin Richardson, CEO of Qualigen Therapeutics stated. "The company will be embracing the new economy and technology which will reshape the future. The board unanimously voted to move forward with this transformative transaction and stand behind the value FF brings to our company."
Univest Securities, LLC served as sole placement agent in this transaction. FF is represented by Pryor Cashman and QLGN is represented by Lucosky Brookman. QLGN also retained a capital market advisor in connection with this transaction and future capital-market-related activities.
ABOUT FARADAY FUTURE
Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance. The new FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. For more information, please visit https://www.ff.com/us/.
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