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Avalanche Treasury Corp stock plunges 93%, warns SEC that company may not be able to continue as a going concern

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Mars Finance News, according to The Defiant, Nasdaq-listed Avalanche Treasury Corp (AVAT) warned in its SEC quarterly report of substantial doubt about its ability to continue as a going concern. The company's stock price has fallen 93% over the past month, dropping from above $10 in early June to below $0.73 on June 29. AVAT completed its listing on June 11 through a merger with Mountain Lake Acquisition Corp, planning to build a $1 billion AVAX position. However, the approximately $265 million cost of purchasing AVAX has now shrunk to about $123 million. AVAX has fallen 47% this year and was quoted at around $6.72 on Wednesday. AVAT has staked approximately 7.8 million of its 13.8 million AVAX as loan collateral, with an operating loss of over $26 million in the first quarter, almost entirely from the fair value write-down of its AVAX holdings. AVAT's market cap has fallen to less than $30 million.
AVAX0.25%
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