Maui Pine strategy keeps NYSE status
Maui Land & Pineapple Co. said the New York Stock Exchange has accepted its plan to boost the company's market capitalization so its stock can continue to trade on the exchange.
The company said the plan involves making improvements to operations and its balance sheet.
The "Big Board" stock exchange requires companies to have at least a $50 million market capitalization, which means the collective value of all outstanding stock shares.
Not meeting the minimum on average over 30 days violates the exchange's rule, and the NYSE notified Maui Land it was in violation of the rule in January.
Maui Land has until July 2011 to meet the listing standard to keep its stock trading on the NYSE. The exchange plans to review Maui Land for progress toward the goal quarterly.
Maui Land stock on Thursday closed at $5.60, giving the firm a market capitalization of about $48 million based on roughly 8.5 million outstanding shares. The stock price is up from a 52-week low of $2.35 on Jan. 26. The recent high was $7.65 on March 29, which represented a market capitalization of $65 million.
Maui Land stock has been on the NYSE since April 2008. At the time, the company had a share price of about $33 and a market capitalization of roughly $245 million. The NYSE had invited the Kahului-based company to join the nearly 4,000 firms listed on the exchange instead of the smaller American Stock Exchange where Maui Land shares had traded since it became a public company in 1969.