Avalanche Treasury Corp Stock Falls 93% in One Month, AVAX Holdings Underwater

AVAX1.50%
According to The Defiant, Avalanche Treasury Corp (AVAT) warned in its SEC filing on July 2 that the company faces substantial doubt about its ability to continue operating. The Nasdaq-listed company's stock has plummeted 93% in one month, from over $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 and planned to build a $1 billion AVAX position. However, its approximately $265 million AVAX purchase has depreciated to roughly $123 million, resulting in a reported $142 million paper loss. The company's market capitalization has fallen below $30 million.
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