HEI Successfully Raises $558 Million Through Recent Equity Offering
HEI is now positioned to pre-fund HEI’s expected first settlement payment of approximately
Scott Seu, President and CEO of HEI, said, “We are taking a proactive approach to funding our settlement contribution, and securing this financing so quickly after entering the settlement agreement in principle – and well ahead of any payment coming due – is a testament to our progress and ability to deliver on our commitments. This is also a meaningful step toward resolving the going concern assessment we disclosed in August.”
Details of the global settlement are still being finalized and at this point, the proposed settlement remains an agreement in principle between the defendants and attorneys representing individual and class plaintiffs. Once a final settlement agreement is signed, it will take effect following judicial review and approval.
ABOUT HEI
The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaiʻi. HEI’s electric utility, Hawaiian Electric, supplies power to approximately
Forward-Looking Statements
This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2023 and HEI’s other periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Investor Contact
Mateo Garcia
Director, Investor Relations
ir@hei.com
(808) 543-7300
Media Contact
Julie Smolinski
VP, Strategy & Corporate Sustainability
media@hei.com
(808) 543-5874
Source: Hawaiian Electric Industries, Inc.