Kaanapali Land LLC Files Material Definitive Agreement

TL;DR

Kaanapali Land LLC signed a big deal on 6/13, details to come.

AI Summary

Kaanapali Land, LLC entered into a material definitive agreement on June 13, 2024. The filing does not disclose the specific details of this agreement, only that it is a significant event requiring an 8-K filing.

Why It Matters

This filing indicates a significant business event for Kaanapali Land LLC, potentially impacting its operations or financial standing, though details are not yet public.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and impact of the material definitive agreement.

Key Players & Entities

• Kaanapali Land, LLC (company) — Registrant
• June 13, 2024 (date) — Date of Earliest Event Reported
• 312-915-1987 (phone_number) — Registrant's Telephone Number
• 900 N. Michigan Ave., Chicago, Illinois 60611 (address) — Address of Principal Executive Offices

FAQ

Key Financial Figures

• $20.0 million — nt, the sales price for the Property is $20.0 million ("Purchase Price"). The PMC Sales Agre
• $9.0 m — chase Price, in an amount not to exceed $9.0 million, which shall be evidenced by a pr

Filing Documents

• kaana-8k20240617.htm (8-K) — 29KB
• 0000892626-24-000024.txt ( ) — 203KB
• kanp-20240617.xsd (EX-101.SCH) — 3KB
• kanp-20240617_lab.xml (EX-101.LAB) — 34KB
• kanp-20240617_pre.xml (EX-101.PRE) — 22KB
• kaana-8k20240617_htm.xml (XML) — 4KB

01 Entry into a Material

Item 1.01 Entry into a Material Definitive Agreement. On June 13, 2024 ("Effective Date"), Pioneer Mill Company, LLC., an indirect wholly-owned subsidiary of Kaanapali Land, LLC ("PMC"), entered into a property purchase agreement ("PMC Sales Agreement") with Pioneer Mill Site LLC ("Buyer") for the sale of four parcels of land, aggregating approximately 20 acres (the "Property") located in Lahaina, Hawaii. Pursuant to the PMC Sales Agreement, the sales price for the Property is $20.0 million ("Purchase Price"). The PMC 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. The Buyer, in its sole discretion, has the right to terminate the PMC Sales Agreement (i) prior to the expiration of the due diligence period; (ii) in the event of an uncured environmental condition (as further described below) or (iii) if the closing date does not take place prior to a specified outside date (as further described below). The due diligence period commenced on the Effective Date and expires on the earliest to occur of (i) the termination of the PMC Sales Agreement (as provided under the terms of such agreement), (ii) the date which is ninety calendar days after the Effective Date and (iii) such date and time at which Buyer delivers a written notice to PMC of Buyer's decision to proceed. The Property was substantially affected by the Lahaina wildfires that occurred on August 8, 2023, and as a result structures, improvements and personal property on the Property have been destroyed and remnants thereof remain on the Property as of the Effective Date. Certain state, county, and federal agencies have established and are in the process of implementing a debris and hazardous materials clean-up program for properties affected by the Lahaina wildfires, inclu

View Full Filing

View this 8-K filing on SEC EDGAR