Tue Sep 24 03:28:04 UTC 2024: ## Hawaiian Electric Industries to Raise $500 Million in Stock Offering

**HONOLULU, HAWAII – September 23, 2024** – Hawaiian Electric Industries, Inc. (HEI) announced today that it will issue 54,054,054 shares of common stock at a price of $9.25 per share, raising approximately $500 million. The offering is expected to close on September 25th, 2024, subject to customary closing conditions.

HEI plans to utilize the proceeds from the offering to fund its contribution to the anticipated settlement of the Maui wildfire tort litigation and for general corporate purposes. Wells Fargo Securities, LLC and Barclays Capital Inc. are the joint lead book-running managers, while Guggenheim Securities, LLC acts as a book-running manager for the offering.

The offering of common stock is being made through a prospectus supplement under HEI’s effective registration statement on Form S-3ASR, filed with the Securities and Exchange Commission (SEC).

HEI, a leading energy and financial services provider in Hawaii, serves a diverse range of customers, including its electric utility, Hawaiian Electric, which supplies power to 95% of the state’s population. HEI is actively pursuing a path towards decarbonization for its operations and the broader Hawaiian economy. Its banking subsidiary, American Savings Bank, is a major financial institution in Hawaii, offering a wide array of banking and financial services. Through its non-regulated subsidiary, Pacific Current, HEI continues to support Hawaii’s sustainability goals.

**Forward-Looking Statements:**

This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including those discussed in HEI’s Annual Report on Form 10-K for the year ended December 31, 2023. HEI does not undertake any obligation to publicly update or revise these forward-looking statements.

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