Shares in mm2 Asia dropped by 12.3% to 7.1 cents at market open on July 14 from its 8.1-cent close on July 13.
As at 9.52am, some 88 million shares in the entertainment company changed hands, making it the highest traded counter on July 14 so far.
The share price and volume movements come as mm2 Asia noted that there were “material adjustments” between the audited and unaudited financial statements for the FY2021 ended March.
It adds that the company was facing “material uncertainty” after it reported a net loss of $99.5 million for the FY2021.
See also: 'Buy' mm2 Asia despite FY21 net loss, profits expected by FY23: UOB Kay Hian
As at March 31, mm2 Asia says its current liabilities have exceeded its current assets by $119.5 million.
On this, mm2 Asia adds that the “material uncertainties… may cast significant doubt on the group’s ability to continue as a going concern”.
As at 9.58am, shares in mm2 Asia are trading 1.3 cents lower or 16.0% down at 6.8 cents.
Photo: Cathay Cineplexes
