---
title: "Hawaiian Electric falls after disclosing $250 mln stock offering plan"
description: "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-m"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/214694434.md"
published_at: "2024-09-19T12:38:55.000Z"
---

# Hawaiian Electric falls after disclosing $250 mln stock offering plan

> 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.

Sept 19 (Reuters) - Shares of Hawaiian Electric (HE.N) fell 3.3% premarket on Thursday after the parent company of Hawaii’s largest utility said it plans to sell up to $250 million worth of shares to partly fund its portion of the Maui wildfire settlement.

The Honolulu-based company will conduct an “at-the-market offering,” selling shares at prevailing market prices rather than a predetermined rate, according to a regulatory filing.

In August, Hawaiian Electric raised going-concern doubts after disclosing it lacked a financing plan for its share of a more than $4 billion settlement to compensate victims of the 2023 Maui wildfires, which claimed over 100 lives.

The company’s shares have fallen about 15% this year, compared with S&P 500 Utilities (.SPLRCU) sector’s 21.4% gain.

Lawsuits have claimed that the utility failed to shut off power lines despite warnings that high winds might blow them down and spark wildfires.

Wells Fargo, Guggenheim Securities and Barclays Capital will handle the sale. Proceeds may also fund investments in Hawaiian Electric’s units and future acquisitions.

Hawaiian Electric had about 110.3 million outstanding shares as of Aug. 30, according to the filing.

Its price-to-earnings ratio for the next 12 months, a key industry metric to gauge company valuations, is 6.15, compared to industry median of 16.08, according to LSEG data.

### Related Stocks

- [HE.US - Hawaiian Electric Industries](https://longbridge.com/en/quote/HE.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
