Avalanche Treasury Co. falls 16% as it debuts on Nasdaq

Avalanche Treasury Company shares fell 16% on Nasdaq debut Thursday, closing at $1.85 under ticker AVAT. The company merged with SPAC Mountain Lake Acquisition in a $675 million deal. It holds 15 million AVAX tokens, currently at a five-year low of $6.61, down 95% from its all-time high.