Hawaiian Electric Industries Raised $500M Via Secondary Stock Offering Of 54M Shares At $9.25/Share
Portfolio Pulse from Benzinga Newsdesk
Hawaiian Electric Industries (NYSE:HE) has raised $500 million through a secondary stock offering of 54 million shares at $9.25 each. The proceeds will be used for the Maui wildfire litigation settlement and general corporate purposes.
September 24, 2024 | 6:51 am
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Hawaiian Electric Industries has raised $500 million through a secondary stock offering to fund the Maui wildfire litigation settlement and general corporate purposes. The offering involves 54 million shares priced at $9.25 each.
The secondary stock offering will dilute existing shares, which could put downward pressure on the stock price. However, the funds raised will address significant legal liabilities, potentially stabilizing the company's financial position. The net impact on the stock price is uncertain in the short term.
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