Avalanche Treasury Corp Stock Plummets 93%, Warns SEC That Company May Not Be Able to Continue as a Going Concern

CoinFeed July 2 news, according to The Defiant, Nasdaq-listed company 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 fell 93% over the past month, 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, but the approximately $265 million AVAX purchase cost has now shrunk to about $123 million. AVAX has fallen 47% this year and was quoted at about $6.72 on Wednesday.