5/17/22 2:00 PM
Company doesn't believe it has enough cash to keep going for the rest of 2022
Shares of AutoWeb Inc. suffered a record plunge in active trading Tuesday, after the provider of marketing services to auto dealers and manufacturers warned investors that it had "substantial doubt" in its ability to continue as a "going concern" given its troubled cash position.
The company (AUTO) disclosed in its 10-Q filing with the Securities and Exchange Commission late Monday that it had $ 3.8 million in cash and cash equivalents as of March 31 but had an accumulated deficit of $359.7 million.
"Based on current operating and cash forecasts, the company does not believe that it currently has sufficient cash to sustain operations for the entire remainder of 2022," the company stated in the 10-Q.
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