Annovis Bio Shares Shed 22% After Going-Concern Disclosure
April 3, 2023
By Dean Seal
Shares of Annovis Bio Inc. fell 22% to $12.06 after the company disclosed that its auditor has raised doubts about whether it will have enough cash to continue operations.
The clinical-stage drug platform company said in its annual report Friday that its auditor has issued a going concern opinion regarding Annovis, and therefore, "there is an increased risk associated with an investment in our company."
Annovis said its future depends on its "ability to obtain financing or upon future profitable operations" and that its ability to raise additional financing at this moment is unknown.
"For these reasons, our auditors stated in their report that they have substantial doubt we will be able to continue as a going concern," the company said.
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