This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stock Offerings: Maui Land & Pineapple

NEW YORK (TheStreet) -- Maui Land & Pineapple (MLP) shares dropped after the Hawaiian real estate developer priced its $40 million rights offering.

Maui Land & Pineapple said it has priced its $40 million rights offering of common stock to its shareholders at $3.85 per share. The developer said net proceeds will be used to reduce debt by repurchasing all or a portion of its senior secured convertible notes.

Maui Land & Pineapple shareholders will receive one non-transferable subscription right for each share of common stock owned after the end of trading July 7. Each subscription right will entitle the shareholder to purchase approximately 1.23 shares of common stock at a subscription price of $3.85 per share.

Shares of Maui Land & Pineapple were down 19 cents, or 5.1%, to $3.55. The stock is down 36% in 2010 and more than 53% over the last 12 months.

Meanwhile, several companies filed mixed securities shelf offerings. Bank of New York Mellon (BK) said it may offer debt securities, preferred or common stock, warrants and other securities from time to time. Any proceeds from any offering will be used to refinance existing debt, finance acquisitions or business expansion, among other general corporate purposes.

BNY Mellon shares were down 1.8% to $25.49.

Iron Mountain (IRM) also filed to offer debt, stock, warrants and other securities. Potash (POT), meanwhile, said in a filing that it may offer up to $2 billion in debt securities.

Iron Mountain shares were off 1.9% to $22.83, and Potash slid 4.1% to $88.12.

China Gerui (CHOP) said in a regulatory filing with the Securities and Exchange Commission that selling shareholders may offer up to approximately 3.3 million shares of ordinary stock. The company said it will not receive any proceeds from the sale of any shares sold by the selling stockholders.

China Gerui was trading down 4.8% to $5.35.

In IPO news, Tesla Motors (TSLA) priced its initial public offering of 13.3 million shares of common stock at $17 per share, above the expected range of $14 to $16 per share. Shares will begin trading on the Nasdaq later Tuesday.

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs