NYSE: ML&P isn’t meeting listing levels
Company has 45 days to offer a way to meet exchange standards
WAILUKU – The New York Stock Exchange has warned Maui Land & Pineapple Co. that it is no longer meeting listing standards.
ML&P announced on Friday that it had received the warning.
The company’s average market capitalization was less than $50 million over a 30-day trading period, and its most recently reported shareholders’ equity was less than $50 million, putting it out of compliance with the stock exchange’s requirements.
Under the NYSE’s procedures, ML&P has 45 days to submit a plan to demonstrate its ability to come back into compliance with the stock exchange’s listing standards within the next 18 months. In the meantime, the company’s common stock will continue to be listed.
In a report filed last month with the Securities and Exchange Commission, ML&P disclosed that auditors updating its annual report in advance of a new stock offering had "substantial doubt" about the company’s ability to stay in business.
The report cited the company’s deep financial losses, weak cash reserves, inability to meet certain financial obligations and a $60 million deficit in shareholder equity as reasons for the auditors’ concerns.
ML&P is hoping to raise up to $25 million in the form of new investment from existing shareholders, an offering that is now pending approval from the SEC.