What's Going On With Hawaiian Electric Shares On Thursday?
Portfolio Pulse from Lekha Gupta
Hawaiian Electric Industries, Inc. (NYSE:HE) shares fell 10.1% after announcing an Equity Distribution Agreement to issue up to $250 million in common shares. The company is also settling litigation claims related to the Maui windstorm and wildfires for $1.91 billion, with payments starting in 2025.
September 19, 2024 | 5:29 pm
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Hawaiian Electric's shares dropped 10.1% following the announcement of a $250 million equity distribution agreement and a $1.91 billion settlement for litigation claims. The equity issuance may dilute existing shares, while the settlement impacts financials.
The announcement of a $250 million equity distribution can lead to share dilution, negatively impacting the stock price. Additionally, the $1.91 billion settlement for litigation claims, although partially accounted for, represents a significant financial obligation, further pressuring the stock.
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