The New York Stock Exchange accepted a plan offered last week by Maui Land & Pineapple Co. that will allow the company to continue to be listed on the exchange.
ML&P had been notified in October that it had fallen below NYSE's continued listing standards because its 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, a company news release said Friday.
With the acceptance of the plan, ML&P has 18 months from the original notification date in October to comply with the average market capitalization standard, subject to its compliance with NYSE's other continued listing requirements.
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 news release said.
The company began trading on the exchange in 2008. It was trading at $4.10 a share Monday, down a cent from Friday.
No longer a pineapple grower, ML&P develops, sells and manages residential, resort, commercial and industrial real estate. The company owns about 23,000 acres on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.