Maui Land & Pineapple Enters Material Agreement

TL;DR

MLP signed a big deal, details TBD.

AI Summary

On October 22, 2024, Maui Land & Pineapple Company, Inc. entered into a Material Definitive Agreement. The filing does not disclose the specific details of this agreement, only its classification as material and definitive.

Why It Matters

This filing indicates a significant business development for Maui Land & Pineapple Company, Inc., though the specifics of the agreement are not yet public.

Risk Assessment

Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its impact on the company.

Key Players & Entities

• MAUI LAND & PINEAPPLE COMPANY, INC. (company) — Registrant
• October 22, 2024 (date) — Date of earliest event reported
• MLP (company) — Trading Symbol
• New York Stock Exchange (company) — Exchange

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock , $0.0001 par value MLP New York Stock Exchan
• $35,500,000 — te the project, including approximately $35,500,000 to complete the necessary horizontal im

Filing Documents

• mlp20241025_8k.htm (8-K) — 22KB
• 0001437749-24-032211.txt ( ) — 155KB
• mlp-20241022.xsd (EX-101.SCH) — 3KB
• mlp-20241022_def.xml (EX-101.DEF) — 12KB
• mlp-20241022_lab.xml (EX-101.LAB) — 15KB
• mlp-20241022_pre.xml (EX-101.PRE) — 12KB
• mlp20241025_8k_htm.xml (XML) — 3KB

01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On October 22, 2024 (the "Effective Date"), Maui Land & Pineapple Company, Inc., a Delaware corporation ("MLP" or "Company"), entered into a Memorandum of Agreement (the "Agreement") with the State of Hawaii Department of Transportation ("State") to lease land and administer the construction of improvements necessary to support temporary homes for individuals and families displaced by the Maui wildfires on August 8, 2023. In furtherance of MLP's stated mission to productively use its assets to meet the community's critical needs, MLP agreed to lease approximately 50 acres of vacant land to the State in an area known as Honokeana, near Napili in Lahaina, Maui. The land will be leased to the State at no cost for five years, plus the duration of time necessary to construct the temporary homes. The land is a portion of a larger, 1,377-acre parcel owned by MLP. The Agreement provides the State will fund all costs to complete the project, including approximately $35,500,000 to complete the necessary horizontal improvements. MLP has agreed to administer the construction of the horizontal improvements and, at the State's election, the subsequent vertical improvements which are yet to be estimated. MLP will provide its administration services to the State at its cost and will not directly profit from these services. After the end of the lease, the State will remove any vertical improvements unless MLP requests that specific improvements remain. The foregoing summary of the terms of the Agreement are not complete and are qualified in their entirety by reference to the full text of the amendments, which will be filed as an exhibit to the Company's periodic report for the corresponding period. Any statements contained in this Current Report on Form 8-K that refer to events that may occur in the future or other non-historical matters are forward-looking statements. These statements generally are characterized by the use

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View this 8-K filing on SEC EDGAR