According to Protos, Nasdaq-listed Avalanche Treasury Corporation (AVAT) saw its stock price drop about 93% within a month after completing its SPAC merger, with a market cap now below $30 million. Its SEC filing shows the company recorded a net loss of approximately $26.8 million in the first quarter, primarily due to changes in the fair value of AVAX; as of the 10-Q filing, the company had pledged about 7.8 million AVAX to lenders. Protos noted that the company's filings previously highlighted going concern risks, but the same 10-Q later stated that after the business combination was completed and loan proceeds were received, management believed those concerns had been alleviated over the next 12-month outlook period.

AVAX2.94%
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