Maui Land & Pineapple Company Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement

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Washington, D.C. 20549

 

 

 

Date of Report (Date of earliest event reported): September 25, 2024

 

 

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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 amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.