AVAX Treasury's AVAT Stock Plummets 93% in One Month, Warning the Company May Not Be Able to Continue as a Going Concern

Odaily reports that Nasdaq-listed company Avalanche Treasury Corp (AVAT) stated in its quarterly report filed with the U.S. Securities and Exchange Commission (SEC) that there is substantial doubt about the company's ability to continue as a going concern.

Data shows that AVAT's stock price has fallen by 93% over the past month, dropping from over $10 in early June to below $0.73 on June 29. The company completed its merger with Mountain Lake Acquisition Corp on June 11 and plans to establish an AVAX reserve worth $1 billion. However, the cost of its approximately $265 million AVAX holdings has now shrunk to around $123 million.

Additionally, AVAX has declined by approximately 47% year-to-date, trading at around $6.72 on Wednesday. (The Defiant)