EarthShell Gets 90 Days to Raise Stock Price

EarthShell Corp., a Santa Barbara-based developer of food service packaging, said the Nasdaq market had given the company an additional 90 days to bring its stock price back above $1 and keep its Nasdaq Small-Cap listing.

The stock, which traded as high as $17 in 1999, closed Monday at 37 cents, down less than one penny, after the company made the announcement. The price has been below $1 all year.

EarthShell also said Monday that though shareholders had approved the use of a reverse stock split to boost the price, the company “has decided not to effect a reverse split at this time.”

EarthShell is a developmental-stage company. It lists no revenue and had a net loss of $3.6 million in the latest quarter. It has never made money since going public in 1998.

From Times Staff Reports