Shares of Qualigen Therapeutics Inc. (QLGN) are up over 200% in premarket trading on Monday, following a $41 million strategic investment by Faraday Future Intelligent Electric Inc. (FFAI), a California-based global shared intelligent electric mobility ecosystem company.
As part of the deal, Faraday Future plans to invest, subject to the closing conditions, approximately $30 million in Qualigen at an effective price of $2.246 per share, representing beneficial ownership of roughly 55% of QLGN's outstanding common shares. Faraday Future's Founder and Global Co-CEO YT Jia intends to personally invest approximately $4 million, representing ownership of about 7% of QLGN's common stock.
Following completion of the financing and the stockholder approval, Faraday Future and YT Jia are expected to beneficially own over 62% of QLGN's outstanding common stock. This structure will allow Faraday Future to focus 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.
QLGN closed Friday's trading at $2.84. In premarket trading today, the stock is up 201% at $8.56.
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