Hawaiian Electric Closes $558M Common Stock Offering At $9.25 Per Share To Fund Maui Wildfire Litigation Settlement; First $478M Payment Expected By Mid-2025
Portfolio Pulse from Benzinga Newsdesk
Hawaiian Electric has completed a $558 million common stock offering at $9.25 per share to fund the settlement of litigation related to the Maui wildfires. The first payment of $478 million is expected by mid-2025.
September 25, 2024 | 8:16 pm
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Hawaiian Electric has raised $558 million through a common stock offering to address litigation settlements related to the Maui wildfires. This move is crucial for the company's financial stability and legal obligations.
The successful completion of the stock offering provides Hawaiian Electric with the necessary funds to settle litigation, which is a positive step towards resolving legal issues and stabilizing its financial position. This could lead to a positive short-term impact on the stock price as it reduces uncertainty.
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