Maui Land & Pineapple terminates Central Resort property sale to Fakhrey LLC

MAUI LAND & PINEAPPLE CO INC

Allowed Purchase & Sale Agreement with Fakhrey LLC to terminate on April 11, 2023.
Sale of ~45.67 acres in Kapalua Central Resort conditioned on permit extension by April 10, 2023; extension not obtained.
Non-refundable $300,000 deposit; up to $290,000 used for extension costs; balance retained by MLP.
New CEO Race Randle and Chair Scot Sellers leading holistic review of Central Resort and adjacent parcels.
Application for permit extension remains active and will be managed by MLP.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MAUI LAND & PINEAPPLE CO INC terminated Central Resort Purchase Agreement with Fakhrey LLC valued at $300,000 deposit (effective 2023-04-11).

Action: termination
Agreement: asset purchase
Counterparty: Fakhrey LLC
Value: $300,000 deposit
Effective: 2023-04-11

Exact text from the filing

DEFINITIVE AGREEMENT As reported in the Forms 8-K filed on January 4, 2022, March 31, 2022 and May 18, 2022, Maui Land & Pineapple Company, Inc., a Delaware corporation (“MLP” or “Company”), entered into a Purchase and Sale Agreement and Escrow Instructions (“Central Resort Purchase Agreement”) with Fakhrey LLC, a Wyoming based limited liability company (“Fakhry”), pursuant to which MLP agreed to sell approximately 45.67 acres of property located in the Kapalua Resort, commonly known as the Kapalua Central Resort project (the “Central Resort Property”).

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Source: SEC EDGAR

accession 0001437749-23-010318

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