Maui Pine may lose its listing on NYSE
by Andrew Gomes
Advertiser Staff Writer
Maui Land & Pineapple Co. is in danger of having its stock removed from trading on the New York Stock Exchange because the value of all its shares has fallen so low.
The company yesterday said it received a warning from the NYSE on Monday that it wasn't compliant with the stock exchange's rules for minimum market capitalization, meaning the collective value of all outstanding stock shares.
NYSE requires companies to have a minimum market capitalization of $50 million. Not meeting the minimum on average over 30 days violates the exchange's rule.
Maui Land stock yesterday closed at $3.98, giving the company a market capitalization of about $34 million based on roughly 8.5 million outstanding shares. Yesterday's stock price was up from a 52-week low of $3.63 on Thursday.
Under NYSE rules, Maui Land has 45 days to deliver a plan that convinces the exchange it can meet the listing standard within 18 months. Maui Land said it intends to submit such a plan.
During the 45-day period, shares of Maui Land stock will continue to be listed on the exchange, subject to compliance with other listing requirements.
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 known as the Big Board instead of the smaller American Stock Exchange where Maui Land shares had traded since it became a public company in 1969.