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.