AVAX Treasury AVAT stock plummets 93% in a month, warning that the company may not be able to continue operations

According to a report from Odaily Planet Daily, Nasdaq-listed company Avalanche Treasury Corp (AVAT) expressed significant doubt about its ability to continue as a going concern in its quarterly report submitted to the U.S. Securities and Exchange Commission (SEC).

Data shows that AVAT's stock price has fallen 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 and went public on June 11, planning to establish a $1 billion AVAX reserve. However, the cost of its approximately $265 million AVAX holdings has now shrunk to around $123 million.

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