Faraday Future has announced a significant investment of approximately $30 million into Qualigen Therapeutics, known as QLGN, during its recent annual 919 event on September 19 in Los Angeles. This strategic move, aimed at accelerating the company’s innovative “Dual-Flywheel & Dual-Bridge” Eco Strategy, is expected to enhance stockholder value.
YT Jia, Faraday Future’s Founder and Co-CEO, is set to contribute about $4 million through an FFGP loan to the investment in QLGN, which comes with a two-year lockup period. The initiative will be part of a broader funding plan that involves additional backing from other notable investors, including the SIGN Foundation, Sequoia Capital, IDG, and Circle. Upon securing necessary approvals, this investment will total around $41 million.
Following this investment round, QLGN plans to undergo a rebranding to CXC10, focusing on developing three key growth engines and six major products aimed at creating a robust crypto/Web3 ecosystem. The new structure intends to position CXC10 as a leading public company in the U.S. that bridges the gap between traditional Web2 and emerging Web3 technologies, as well as leveraging artificial intelligence and cryptocurrency.
As of September 18, the performance of the C10 Treasury was highlighted, showcasing an unrealized gain of approximately 7%, significantly outperforming the C10 index, largely driven by the success of a 20% actively managed allocation.
At the 919 event, Faraday Future showcased several exciting developments, including the ultra-wide dual-screen panoramic display for its FX Super One MPV, designed to seamlessly integrate driving and entertainment for both the driver and passengers. The company also reported that all core proposals, barring the name change, received approval during a recent special meeting of stockholders.
Furthermore, Faraday Future outlined plans to assign management teams to oversee forthcoming business activities and expressed its intention to appoint Jerry Wang as Co-CEO of QLGN. It will also have the right to nominate a significant number of directors once the investment is complete, enhancing its influence over QLGN’s operations.
The upcoming rebranding to CXC10 will feature three main growth engines. The first, “C10,” will serve as a value anchor that includes the C10 Treasury and potential financial instruments such as an ETF. The second, “BesTrade DeAI Agent,” will facilitate users’ trading experiences through AI assistance. The final growth engine will focus on creating ecosystem tokens to optimize value for users and investors alike.
YT Jia expressed confidence in the capabilities of these new products to maximize value for stakeholders within the evolving landscape of cryptocurrency and AI technologies. As part of its long-term vision, Faraday Future aims to redefine mobility through technology, with the FX Super One positioned to redefine luxury travel experiences.
The FX Super One is built on an advanced EAI OS designed for intuitive interaction through voice and gesture-based controls. With its array of high-definition displays and the facility for deep integration with users’ mobile and cloud services, the vehicle represents a significant leap forward in smart mobility.
As Faraday Future continues to push boundaries in the electric and mobility sectors, the anticipated developments within QLGN and the upcoming innovations in the FX Super One reflect the company’s commitment to pioneering advancements in technology and automotive design.
