TechFlow news, September 15 — According to Globenewswire, Faraday Future's founder and Co-CEO Jia Yueting announced during the weekly investor update that the company has officially launched its cryptocurrency flywheel spin-off plan, aiming to rapidly establish a second independent publicly listed entity, CXC10, forming a dual-listed company structure.
The spin-off plan has been approved by the board. CXC10 will finance and operate independently, targeting a position among the leading Web3 public companies in the U.S. market. The company is closely collaborating with investment banks, potential strategic investors, and law firms, with detailed progress to be disclosed at the annual shareholder meeting on September 19.
According to the report, the spin-off aims to address two key shareholder concerns: first, after CXC10 secures independent financing, the C10 Treasury will no longer dilute FFAI shares; second, each team can focus more intently on its core business. Currently, the C10 Treasury has completed approximately $10 million in crypto asset allocation, demonstrating strong performance that has outperformed the C10 Index.
