Faraday Future Intelligent Electric (FFAI) announced that it is strategically investing in public company Qualigen Therapeutics (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. FFwill invest about $30 million and receive about 55% of QLGN’s common stock on a pro forma basis. With a loan from FFGP, YT Jia will invest $4 million dollars 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.
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