Kaanapali Land LLC Files Material Definitive Agreement 8-K
Ticker: KANP · Form: 8-K · Filed: Jun 5, 2024 · CIK: 1230058
| Field | Detail |
|---|---|
| Company | Kaanapali Land LLC (KANP) |
| Form Type | 8-K |
| Filed Date | Jun 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $29.9 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, 8-k
TL;DR
Kaanapali Land just signed a big deal, details to come.
AI Summary
Kaanapali Land, LLC filed an 8-K on June 5, 2024, to report the entry into a material definitive agreement. The filing does not provide specific details about the agreement, its parties, or any associated financial figures within the provided text.
Why It Matters
This filing indicates a significant new contract or deal for Kaanapali Land, LLC, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in this initial filing creates uncertainty about the nature and impact of the material definitive agreement.
Key Players & Entities
- Kaanapali Land, LLC (company) — Registrant
- June 5, 2024 (date) — Date of Report
- 900 N. Michigan Ave., Chicago, Illinois 60611 (address) — Principal Executive Offices
- 312-915-1987 (phone_number) — Registrant's Telephone Number
FAQ
What is the nature of the material definitive agreement entered into by Kaanapali Land, LLC?
The provided filing indicates the entry into a material definitive agreement but does not specify its nature or terms.
Who are the parties involved in this material definitive agreement?
The filing does not disclose the names of the other parties to the material definitive agreement.
What is the effective date of this material definitive agreement?
The earliest event reported is June 5, 2024, which is also the date of the report.
Are there any financial implications or dollar amounts associated with this agreement mentioned in the filing?
No specific dollar amounts or financial implications of the agreement are detailed in the provided text of the 8-K.
Where are Kaanapali Land, LLC's principal executive offices located?
Kaanapali Land, LLC's principal executive offices are located at 900 N. Michigan Ave., Chicago, Illinois 60611.
Filing Stats: 652 words · 3 min read · ~2 pages · Grade level 14 · Accepted 2024-06-05 15:00:51
Key Financial Figures
- $29.9 m — he base sales price for the Property is $29.9 million, assuming the development of a 94
Filing Documents
- kaa8k-20240605.htm (8-K) — 26KB
- 0000892626-24-000019.txt ( ) — 198KB
- kanp-20240605.xsd (EX-101.SCH) — 3KB
- kanp-20240605_lab.xml (EX-101.LAB) — 34KB
- kanp-20240605_pre.xml (EX-101.PRE) — 22KB
- kaa8k-20240605_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On June 3, 2024, Kaanapali Land Management Corp., an indirect wholly-owned subsidiary of Kaanapali Land, LLC ("KLMC"), entered into a property purchase agreement ("PVM Sales Agreement") with Kauhale Development LLC ("Buyer") for the sale of several parcels of land, aggregating approximately 241 acres (the "Property") within Pu'ukoli'i Village Mauka, a master development plan area, located near the Kaanapali resort area, north of Lahaina, Hawaii. Pursuant to the PVM Sales Agreement, the base sales price for the Property is $29.9 million, assuming the development of a 940-unit subdivision, plus a density price adjustment for each additional unit for which the Buyer has obtained building permits for developments on the Property. Additionally, KLMC will be entitled to 2.5% of the gross sales price of each market priced unit sold and is eligible for additional sales consideration for certain bulk sales of PVM by the Buyer within the five-year period following the closing. The PVM Sales Agreement contains customary warranties and representations, covenants and indemnification provisions, and the closing of the sale of the Property is subject to the satisfactory completion of the Buyer's investigation and evaluation of the Property during the due diligence period. In addition, the Buyer has the right to terminate the PVM Sales Agreement, in its sole discretion, on or before the expiration of the due diligence period. The closing date shall be the date that is 30 calendar days after the expiration of the due diligence period. The due diligence period expires one hundred days after June 3, 2024, subject to a one-time extension upon the Buyer's election of sixty calendar days as further provided in the PVM Sales Agreement, unless the PVM Sales Agreement is earlier terminated pursuant to its terms or the Buyer delivers an earlier notice to proceed prior to the expiration of the due diligence period. Accordingly, there c