No, but it is certainly a possibility.
the efficient market hypothesis would say that this means that the market perceives the present value of all future earning as negative.
These earnings might take the form of a writedown of assets at some point. (Companies carry a goodwill asset that is generally imaginary. They book that asset when they buy companies for more than they are worth.)
It would be as if PRUN was a stock tracking my life. If I bought my house in 2006 for $1 million cash. I might have a book value of $1 million. However, PRUN might trade at $500k because the market knows that my asset isn't really worth $1 million and at some point my earnings will take a hit to reflect that.
It might also mean that future "real" earnings "ie actual profit and loss on sales" are going to be negative. This would mean bankruptcy is more likely.