Recently, FF strategically invested in QLGN, a Nasdaq-listed company, and launched Crypto business. At the same time, Jia Yueting set up a second debt repayment trust.FF officially issued a statement stating that FF will invest approximately US$30 million. FF founder and Co-CEO Jia Yueting will personally invest US$4 million (through a loan from the partnership company FFGP) and voluntarily lock up the shares for two years as a cornerstone investor.
After the investment is completed, FFAI and Jia Yueting will collectively hold approximately 62% of QLGN's shares. FF will gradually dispatch management teams to carry out related businesses. Jia Yueting will serve as the chief consultant of QLGN.
at the same time,Jia Yueting announces he will set up a second creditor trust for debts under Chinese law, 50% of the equity incentives he received when he was promoted to Co-CEO and half of the proceeds generated after repaying the loan and related costs from this US$4 million investment were transferred to the trust to repay debts under Chinese law, and the other half was used to build cars.
Jia Yueting said that he will be responsible for the relevant debts to the end, and will gradually announce the establishment, operation and execution details of the trust in the future.
