Covington Technologies, a Fullerton manufacturer of prefabricated...

Covington Technologies, a Fullerton manufacturer of prefabricated houses, said its board has voted to abandon a planned 1-for-5 reverse stock split approved by shareholders in August. The reverse split, which would have left stockholders with one new share for every five currently held, was intended to boost Covington’s stock price to a more attractive level. In August, when the stock was trading at $1 per share, the split would have increased the price to about $5. At that level, investors would have been able to buy the stock on margin. Since that time, however, Covington stock has lost 50% of its value. It closed Tuesday at 50 cents per share in over-the-counter trading. “Splitting now would have gotten us to $2.50 per share. That’s not what we wanted,” said JoEtta Bandy, a spokeswoman for Covington. Bandy said the price-boosting effect of a reverse split might have been further undermined by the stock market’s continuing volatility.