Hawaiian Electric slides after unveiling $500 mln stock offering

Hawaiian Electric Industries

23/09/2024 22:22

** Shares of Hawaiian Electric Industries  HE.N  fall 9.2%
to $9.90 post-market as co seeks equity raise to fund Maui
wildfire litigation settlement
    ** Co announces $500 mln stock offering with Wells Fargo and
Barclays as joint lead bookrunners, along with Guggenheim
    ** HE shares on Mon closed down 0.6% at $10.90 for ~$1.2 bln
market cap
    ** Last week, co filed up to $250 mln "at-the-market" (ATM)
equity sales program for various uses
    ** In Aug, HE raised going concern doubts after disclosing
it didn't have financing plan for its share of a more than $4
bln settlement to compensate victims of the 2023 Maui wildfires,
which claimed over 100 lives
    ** YTD, HE shares down 23%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))