HONOLULU– Hawaiian Electric Industries, Inc. (NYSE: HE) recently announced the pricing of 54,054,054 shares of its common stock at $9.25 per share. This public offering is expected to close on September 25, 2024, subject to customary closing conditions. Additionally, the underwriters have the option to purchase an additional 8,108,108 shares.
The purpose of this offering is to raise funds for HEI’s contribution to the anticipated Maui wildfire tort litigation settlement and for general corporate purposes. Wells Fargo Securities, LLC, and Barclays Capital Inc. are serving as the joint lead book-running managers, while Guggenheim Securities, LLC, is acting as a book-running manager for the offering.
This offering is being conducted through a prospectus supplement under HEI’s effective registration statement on Form S-3ASR, filed with the Securities and Exchange Commission (SEC).
HEI, a company that provides energy and financial services in Hawaii, aims to decarbonize its operations and support the state’s sustainability goals through its subsidiaries. Hawaiian Electric, the electric utility under HEI, supplies power to approximately 95% of Hawaii’s population, while its banking subsidiary, American Savings Bank, offers a variety of financial services.
Forward-looking statements in this release should be considered alongside the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions included in HEI’s Annual Report on Form 10-K for the year ended December 31, 2023. These statements are not guarantees of future performance and are subject to various risks and uncertainties.
Investors and stakeholders should stay informed about the progress of this stock offering and its potential implications for HEI’s financial standing and operational strategies. The decision to raise capital through public offering reflects HEI’s proactive approach to addressing legal challenges and ensuring financial stability in the face of litigation settlements. The outcome of this offering will likely have a significant impact on HEI’s future outlook and the company’s ability to navigate legal and financial obstacles effectively.