Form 8-K for MAUI LAND & PINEAPPLE CO INC
19-Apr-2010
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.(e) On April 12, 2010, the Compensation Committee of the Board of Directors of Maui Land & Pineapple Company, Inc. (the "Company") approved an annual salary increase to $225,000 for Ryan L. Churchill. The compensation adjustment was made in recognition of Mr. Churchill’s February 8, 2010 appointment as the Company’s President and Chief Operating Officer.
Maui Land & Pineapple Company Inc. News – The New York Times
Latest Insider Trades
04/05/2010
CHURCHILL RYAN L
Payment of exercise price or tax liability by delivering/withholding secs incident to the receipt/exercise/vesting pursuant to Rule 16b-3Shares sold: 966
Share price: $6.24
Trans. value: $6,027.84
04/05/2010
SUMIDA ADELE H
Payment of exercise price or tax liability by delivering/withholding secs incident to the receipt/exercise/vesting pursuant to Rule 16b-3Shares sold: 644
Share price: $6.24
Trans. value: $4,018.56
04/05/2010
DURKIN JOHN P
Payment of exercise price or tax liability by delivering/withholding secs incident to the receipt/exercise/vesting pursuant to Rule 16b-3Shares sold: 966
Share price: $6.24
Trans. value: $6,027.84
Maui Land & Pineapple Company Inc. News – The New York Times
Summary of MAUI LAND & PINEAPPLE CO INC – Yahoo! Finance
Form 8-K for MAUI LAND & PINEAPPLE CO INC
2-Apr-2010
Other Events
Item 8.01. Other Events
Maui Land & Pineapple Company, Inc. announced today that the New York Stock Exchange has accepted the Company’s plan for continued listing on the NYSE. As a result, the Company’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the NYSE to monitor the Company’s progress against the plan.
The NYSE notified the Company on January 11, 2010, that the Company had fallen below the NYSE’s continued listing standard requiring that it maintain an average market capitalization of at least $50 million over a consecutive 30 trading-day period. With the acceptance of the plan, the Company has 18 months from the original notification date in which to comply with the average market capitalization standard, subject to its compliance with the NYSE’s other continued listing requirements.
NYSE: ML&P isn’t meeting listing levels – The Maui News
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.