ValueWorks LLC and its managing member Charles Lemonides have filed Amendment No. 1 to a Schedule 13G reporting a significant stake in Maui Land & Pineapple Company, Inc. They report beneficial ownership of 1,202,155 shares of common stock, representing 6.09% of the outstanding class as of the event date of 12/31/2025.
Both ValueWorks and Lemonides report no sole voting or dispositive power over these shares, but shared voting and shared dispositive power over the full 1,202,155 shares. All of the securities are directly owned by advisory clients of ValueWorks LLC, and no individual client is deemed to own more than 5% of the stock.
The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company, other than activities solely in connection with a nomination under the specified proxy rule.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
MAUI LAND & PINEAPPLE COMPANY, INC.
(Name of Issuer)
Common Stock, $0.0001 par value
(Title of Class of Securities)
577345101
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
577345101
1
Names of Reporting Persons
VALUEWORKS LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,202,155.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,202,155.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,202,155.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.09 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
577345101
1
Names of Reporting Persons
CHARLES LEMONIDES
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,202,155.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,202,155.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,202,155.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.09 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
MAUI LAND & PINEAPPLE COMPANY, INC.
(b)
Address of issuer's principal executive offices:
500 Office Road, Lahaina, Maui, Hawai'i 96761
Item 2.
(a)
Name of person filing:
VALUEWORKS LLC,
Charles Lemonides
(b)
Address or principal business office or, if none, residence:
VALUEWORKS LLC
One World Trade Center, Suite 84-G
New York, New York 10007
Charles Lemonides
c/o ValueWorks LLC
One World Trade Center, Suite 84-G
New York, New York 10007
(c)
Citizenship:
VALUEWORKS LLC - Delaware
Charles Lemonides - United States
(d)
Title of class of securities:
Common Stock, $0.0001 par value
(e)
CUSIP No.:
577345101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
VALUEWORKS LLC - 1,202,155
Charles Lemonides - 1,202,155
(b)
Percent of class:
VALUEWORKS LLC - 6.09%
Charles Lemonides - 6.09%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
VALUEWORKS LLC - 0
Charles Lemonides - 0
(ii) Shared power to vote or to direct the vote:
VALUEWORKS LLC - 1,202,155
Charles Lemonides - 1,202,155
(iii) Sole power to dispose or to direct the disposition of:
VALUEWORKS LLC - 0
Charles Lemonides - 0
(iv) Shared power to dispose or to direct the disposition of:
VALUEWORKS LLC - 1,202,155
Charles Lemonides - 1,202,155
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G Amendment No. 1 are directly owned by advisory clients of ValueWorks LLC. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, $0.0001 par value.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
VALUEWORKS LLC
Signature:
By: /s/ Charles Lemonides
Name/Title:
Charles Lemonides / Managing Member
Date:
02/17/2026
CHARLES LEMONIDES
Signature:
By: /s/ Charles Lemonides
Name/Title:
Charles Lemonides
Date:
02/17/2026
Exhibit Information
Material to be Filed as Exhibit:
[Exhibit A - Joint Filing Agreement]
[Exhibit B - Control Person Identification]
What stake in Maui Land & Pineapple (MLP) does ValueWorks report?
ValueWorks LLC reports beneficial ownership of 1,202,155 Maui Land & Pineapple shares, equal to 6.09% of the common stock as of 12/31/2025. This ownership is reported on Amendment No. 1 to a Schedule 13G filing.
Who are the reporting persons in this Maui Land & Pineapple Schedule 13G/A?
The reporting persons are ValueWorks LLC and its managing member Charles Lemonides. Both list the same 1,202,155 Maui Land & Pineapple common shares as beneficially owned, with shared voting and shared dispositive power over the reported holdings.
Do ValueWorks and Charles Lemonides control voting of the MLP shares?
They report no sole voting power but shared voting power over 1,202,155 shares. They likewise have no sole dispositive power and shared dispositive power over the same amount, reflecting their role in managing client accounts that hold the stock.
Who directly owns the Maui Land & Pineapple shares reported by ValueWorks?
All securities in this amendment are directly owned by advisory clients of ValueWorks LLC. The filing states that none of these advisory clients may be deemed to beneficially own more than 5% of Maui Land & Pineapple’s common stock individually.
What does the filing say about ValueWorks’ intentions toward control of MLP?
The certification states the securities were acquired and are held in the ordinary course of business and not for changing or influencing control of Maui Land & Pineapple, except for activities solely in connection with a nomination under the specified proxy rule.
What is the date of the ownership event in this Maui Land & Pineapple Schedule 13G/A?
The date of the event requiring the filing is listed as 12/31/2025. As of that date, ValueWorks LLC and Charles Lemonides report beneficial ownership of 1,202,155 shares, representing 6.09% of Maui Land & Pineapple’s common stock.
