Faraday Future: The independently listed web3 company is named CXC10 and has completed approximately $10 million in crypto asset allocation.

Jinse Finance reported, citing Globenewswire, that Faraday Future founder and co-CEO Jia Yueting announced in a weekly investor update that the company has officially launched its cryptocurrency flywheel spin-off plan and will rapidly establish a second independently listed company, CXC10, forming a dual-listed company structure. The spin-off plan has been approved by the board of directors, and CXC10 will independently raise funds and operate, aiming to become one of the leading Web3 listed companies in the US stock market. The company is working closely with investment banks, potential strategic investors, and law firms, with detailed progress to be announced at the annual shareholders' meeting on September 19. According to reports, the purpose of this spin-off is to address two major concerns of shareholders: first, after CXC10's independent financing, the C10 Treasury will no longer dilute FFAI shares; second, each team will be able to focus more on their core business. Currently, the C10 Treasury has completed about $10 million in crypto asset allocation, showing strong performance and outperforming the C10 Index.