Hawaiian Electric falls after disclosing $250 mln stock offering plan
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Hawaiian Electric's shares fell 3.3% premarket after announcing a plan to sell up to $500 million in stock to help fund its share of the Maui wildfire settlement. The company will conduct an "at-the-market offering" at prevailing prices. Hawaiian Electric has faced scrutiny over its role in the wildfires and has seen a 15% decline in shares this year. The stock sale will be managed by Wells Fargo, Guggenheim Securities, and Barclays Capital, with proceeds potentially funding future investments and acquisitions.
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