05:48 PM EDT, 09/23/2024 (MT Newswires) -- Hawaiian Electric Industries ( HE ) said Monday it plans to raise $500 million through a public offering of its shares.

The company said the underwriters, including Wells Fargo Securities and Barclays Capital, will have an option to purchase up to an additional $75 million of shares.

Net proceeds will be used to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes, the company said.

Shares of the company were down more than 8% in after-hours activity.

Price: 9.94, Change: -0.96, Percent Change: -8.85