Internet Service Provider (ISP) Earthlink Network Inc has said it will run out of cash by the end of the year and is currently seeking financing to continue to expand its network. Trading in the Pasadena, California company’s shares was halted on Nasdaq yesterday just after 3pm at $11.625. The company, which raised $26m in its January initial public offering of 2 million shares, says it plans to raise the money by selling stock or debt, asset leases, or by forming partnerships with other investors or companies. Earthlink turned in net losses at the six month stage of $16.1m on revenue of $34.6m, up from a loss of $11.7m on revenue of $10.1m in 1996. At that stage the company said it believed its cash would carry it through the year (CI No 3,207).
