Qualigen Therapeutics soars on Faraday Future's $41 million crypto bet

Shares of Qualigen Therapeutics QLGN.O rise 312% to $11.73 premarket

EV maker Faraday Future FFAI.O said on Sunday it is investing $41 million in QLGN

FFAI will invest $30 million, while its founder YT Jia will invest $4 million with a two-year lockup; other backers include blockchain firm SIGN Foundation

Qualigen will rebrand as CXC10 and focus on building a crypto and AI-powered Web3 ecosystem, with three main business areas and six planned products

Once the deal closes, Faraday will hold about 55% of Qualigen's shares and gain the right to nominate two board members, which could increase to four if shareholders approve

Shares of Faraday Future Intelligent Electric up 1.1% at $1.79 premarket

As of last close, QLGN down 32%, FFAI down 27% YTD