According to Odaily Planet Daily market data, Qualigen Therapeutics (QLGN) rose 340% in pre-market trading and is now trading at $12.49.

Earlier news broke that Faraday Future ($FFAI.M) had made a strategic investment in Qualigen Therapeutics ($QLGN.M) through a $41 million PIPE transaction. The company will be renamed CXC10 and transformed into a crypto and Web 3 platform. Upon completion of the transaction, Faraday Future and Jia Yueting will hold a combined approximately 62% stake in the company. Jia Yueting will serve as Chief Advisor, and FF President Jerry Wang will serve as Co-CEO.