This Day On The Street
Continue to site
ADVERTISEMENT
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

Stock Offerings: Maui Land & Pineapple

NEW YORK ( TheStreet) -- Maui Land & Pineapple (MLP - Get Report) 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 - Get Report) 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 - Get Report) also filed to offer debt, stock, warrants and other securities. Potash (POT - Get Report), 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 - Get Report) 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 - Get Report) 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.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG
BK $42.07 0.00%
CHOP $3.41 0.00%
IRM $36.52 0.00%
MLP $6.03 0.00%
POT $33.35 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs