Hawaiian Electric shares are trading lower after the company announced a $500 million secondary offering of 54 million shares.
Portfolio Pulse from Benzinga Newsdesk
Hawaiian Electric's stock is declining following the announcement of a $500 million secondary offering of 54 million shares.
September 24, 2024 | 1:30 pm
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Hawaiian Electric's stock is experiencing a decline due to the announcement of a $500 million secondary offering of 54 million shares, which can lead to stock dilution.
The announcement of a secondary offering typically leads to a decrease in stock price due to the potential dilution of existing shares. The $500 million offering of 54 million shares suggests a significant increase in the number of shares available, which can dilute the value of existing shares, leading to a negative impact on the stock price.
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