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Qualigen Therapeutics, Inc. (NASDAQ:QLGN) ("Qualigen" or "the Company") today announced the successful closing of a $41 million private investment in public equity (PIPE) financing led by Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) ("FF"), along with its Founder and Global Co-CEO YT Jia, President Jerry Wang, SIGN Foundation – a blockchain technology company backed by Binance Labs, Sequoia Capital (US, India, China), IDG, and Circle, and other leading investors.
FF has invested $30 million in QLGN common and preferred stock, representing approximately 55% of pro forma beneficial ownership. YT Jia, has personally invested approximately $4 million and signed up a two-year voluntary lockup, representing approximately 7% ownership. The Company plans to use majority of the financing to establish its new crypto business adventure.
This financing marks a defining milestone in Qualigen's evolution as the Company embarks on a strategic transformation into a Web3- and crypto-focused business, with plans to rebrand as CXC10 soon.
