Stephen M. Case Amends Form 4—Insider Purchases at $16.99; Trust Holds 11.94M
Rhea-AI Filing Summary
Stephen M. Case, a director and >10% owner of Maui Land & Pineapple Co., reported amended insider purchases of the company’s common stock executed on 09/03/2025 and 09/04/2025. The filing discloses acquisition of 881 shares on 09/03/2025 at a weighted average price of $16.99 (range $16.95–$17.00) and 132 shares on 09/04/2025 at $16.99, resulting in 11,935,478 shares beneficially owned following the transactions. The shares are held indirectly by the Stephen M. Case Revocable Trust, for which Mr. Case is sole trustee with exclusive voting and disposition power. The Form 4/A is signed 09/08/2025 and includes a statement that Mr. Case can provide a list of purchased shares and prices on request.
Positive
- Insider purchasing reported at a weighted average price of $16.99, indicating the insider bought stock rather than sold.
- Large beneficial ownership retained after the transactions: 11,935,478 shares, showing substantial insider stake.
- Transparent disclosure including price range ($16.95–$17.00) and offer to provide a share-by-share list on request.
Negative
- None.
Insights
TL;DR: Insider purchases by a >10% owner increase insider alignment, adding modest buy-side support at ~$17 per share.
Mr. Case increased his beneficial holdings through the revocable trust with small open-market purchases (881 and 132 shares) at a weighted average of $16.99. The disclosed post-transaction holding of 11,935,478 shares confirms substantial insider exposure. The transactions were filed via an amendment, and the explanatory note provides transparent pricing ranges and trustee details. For investors, the filing signals insider participation but the absolute purchased volume disclosed in the amendment is relatively small versus the large total holding.
TL;DR: Ownership is held indirectly via a revocable trust where Mr. Case retains sole trustee powers, indicating centralized control over voting and disposition.
The Form 4/A clarifies that the Stephen M. Case Revocable Trust holds the shares and that Mr. Case has exclusive authority to vote and dispose of those shares. This structure is typical for insiders but is material for governance transparency because beneficial ownership is exercised indirectly. The amendment and the offer to provide specific share-by-share purchase prices enhance disclosure quality and compliance with Section 16 reporting standards.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 132 | $16.99 | $2K |
| Purchase | Common Stock | 881 | $16.99 | $15K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- The price per share paid for the 881 shares ranged from $16.95 to $17.00 per share. The weighted average purchase price was $16.99 per share. Upon request, Mr. Case will provide the SEC staff, issuer, or any security holder of the issuer a list of the shares purchased and the prices paid per share. Shares held by the Stephen M. Case Revocable Trust under agreement, dated December 17, 1998, as amended (the "Trust"). Mr. Case serves as the sole trustee of the Trust and has the sole power to direct the vote and disposition of the shares held by the Trust.
