Maui Land & Pineapple Terminates Material Agreement

TL;DR

MLP terminated a big deal, filing today. Details scarce.

AI Summary

Maui Land & Pineapple Co., Inc. (MLP) announced on September 25, 2024, the termination of a material definitive agreement. The company, headquartered in Lahaina, Hawaii, filed the 8-K report on September 30, 2024, to disclose this event. No specific details regarding the agreement or the counterparty were provided in the filing excerpt.

Why It Matters

The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.

Risk Assessment

Risk Level: medium — Termination of a material definitive agreement suggests potential disruptions or changes in business relationships that could affect the company's performance.

Key Players & Entities

• MAUI LAND & PINEAPPLE CO INC (company) — Registrant
• September 25, 2024 (date) — Date of earliest event reported
• September 30, 2024 (date) — Filing date
• 500 Office Road, Lahaina, Maui, Hawaii 96761 (location) — Principal executive offices
• MLP (company) — Trading Symbol

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock , $0.0001 par value MLP New York Stock Exchan
• $7,000,000 — The purchase price for the Property was $7,000,000 (the "Purchase Price"). Pursuant to the
• $300,000 — n initial cash deposit in the amount of $300,000 (the "Initial Deposit") to escrow. The

Filing Documents

• mlp20240927_8k.htm (8-K) — 21KB
• 0001437749-24-030213.txt ( ) — 153KB
• mlp-20240925.xsd (EX-101.SCH) — 3KB
• mlp-20240925_def.xml (EX-101.DEF) — 12KB
• mlp-20240925_lab.xml (EX-101.LAB) — 15KB
• mlp-20240925_pre.xml (EX-101.PRE) — 12KB
• mlp20240927_8k_htm.xml (XML) — 3KB

02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT On August 14, 2024 (the "Effective Date"), Maui Land & Pineapple Company, Inc., a Delaware corporation ("MLP" or "Company"), entered into a Purchase Sales Agreement (the "Purchase Agreement") for the sale and purchase of land with Shawn Sims and/or his permitted assignees (the "Purchaser"), pursuant to which MLP agreed to sell to Purchaser and Purchaser agreed to purchase from MLP an 11.883-acre parcel of land, including the associated easements and infrastructure improvements, located in Piiholo, Maui, Hawaii (the "Property"). The purchase price for the Property was $7,000,000 (the "Purchase Price"). Pursuant to the terms of the Purchase Agreement, within three business days from the Effective Date, Purchaser made an initial cash deposit in the amount of $300,000 (the "Initial Deposit") to escrow. The Purchaser was permitted a 30-day inspection period (the "Inspection Period"), which the Purchaser had the option to extend by an additional 30-days upon written notice to the Company. Purchaser, in his sole discretion, has the right to cancel the Purchase Agreement at any time up until 5:00 pm Hawaii Standard Time on the last day of the Inspection Period, as may have been extended, by giving the Company written notice. In the event Purchaser terminates the Purchase Agreement, the Initial Deposit, together with any interest earned, less any incurred escrow fees and expenses, shall be refunded to the Purchaser and released from all further obligations and liabilities. On September 25, 2024, the Company was notified in writing that the Purchaser elected to cancel the Purchase Agreement. Accordingly, the Company will refund the Initial Deposit, currently being held in escrow, to the Purchaser. The 11.883-acre Piiholo parcel will be marketed for sale as this aligns with the Company's operational plan to sell non-strategic land parcels. Pursuant to the requirements of the Securities Exchange Act of 1934, as ame

View Full Filing

View this 8-K filing on SEC EDGAR