Hawaiian Electric raises $29.5M in ASB sale
HEI sells a portion of its ASB stake, adding cash and helping offset future Maui wildfire settlement funding needs.
Rhea-AI Filing Summary
Hawaiian Electric Industries, Inc. (HE) monetized part of its remaining stake in American Savings Bank, N.A. (ASB) in connection with ASB’s initial public offering. On September 16, 2026, HEI sold approximately 2.0 million ASB shares, generating $29.5 million in net proceeds. On September 21, 2026, underwriters exercised an option to purchase an additional 293,904 shares from HEI, providing a further $4.4 million in net proceeds. Based on ASB’s September 18, 2026 closing price of $17.57, HEI’s remaining pro forma 6.4% stake in ASB is valued at about $73.5 million, subject to a 180-day lockup period. HEI states that proceeds from these sales, along with potential future monetization of its remaining ASB shares, will reduce future capital raises needed for remaining Maui wildfire settlement payments.
Positive
- HEI increases liquidity by selling approximately 2.0 million ASB shares for $29.5 million in net proceeds, plus an additional $4.4 million from underwriters’ option exercises.
- HEI states that proceeds from ASB share sales and potential future monetization of its remaining 6.4% ASB stake will help reduce future capital raises needed for Maui wildfire settlement payments.
Negative
- None.
Filing Explained
The ASB monetization disclosed here produced net proceeds of
Sources and calculations
- Form 8-K and Exhibit 99 (2026-09-21)
- HEI second-quarter 2026 fundamentals (2026Q2)
- Available liquidity against the last reported quarterly operating outflow, in days at that rate $238,732,000 / ($411,400,000 / 91) = 52.8 days
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Initial ASB shares sold: Approximately 2,000,000 shares
Initial net proceeds: $29.5 million
Underwriters’ option shares: 293,904 shares
+5 more
8 metrics
Initial ASB shares sold
Approximately 2,000,000 shares
Shares of American Savings Bank sold by HEI on September 16, 2026
Initial net proceeds
$29.5 million
Net proceeds to HEI from initial ASB share sale, after fees and costs
Underwriters’ option shares
293,904 shares
Additional ASB shares purchased from HEI upon underwriters’ option exercise
Additional net proceeds
$4.4 million
Net proceeds to HEI from underwriters’ purchase of 293,904 ASB shares
ASB closing share price
$17.57 per share
ASB closing price on September 18, 2026, used to value HEI’s remaining stake
Value of remaining ASB stake
$73.5 million
Approximate value of HEI’s remaining pro forma 6.4% stake in ASB
Pro forma remaining ASB ownership
6.4%
HEI’s pro forma ownership in ASB assuming full option exercise
Lockup period
180 days
Period during which HEI cannot sell its remaining ASB shares
Key Terms
initial public offering, underwriters, lockup period, forward-looking statements, +1 more
5 terms
initial public offering financial
"as part of ASB’s initial public offering"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
underwriters financial
"The underwriters have a 30-day option to purchase"
Underwriters are financial professionals or institutions that help companies raise money by selling new securities, such as stocks or bonds, to investors. They assess the risk and determine the price at which these securities should be sold, acting like a bridge between the company and the investors. Their role helps ensure that the company raises the needed funds while providing investors with options that reflect the level of risk involved.
lockup period financial
"The sale of HEI’s remaining shares in ASB is subject to a 180-day lockup period"
A lockup period is a temporary restriction that prevents company insiders and early investors from selling their shares for a set time after a stock offering. Think of it as a cooling-off 'time-out' that keeps a sudden flood of shares off the market; it matters to investors because its expiration can increase share supply and cause price swings, while its presence can help stabilize the stock in the early trading months.
forward-looking statements regulatory
"This release may contain “forward-looking statements,” which include statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Maui wildfire settlement financial
"funding of Maui wildfire settlement payments"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transaction did HE (Hawaiian Electric Industries) announce regarding American Savings Bank?
HEI announced it monetized 30% of its 9.9% stake in American Savings Bank (ASB) as part of ASB’s initial public offering, selling approximately 2.0 million shares and later an additional 293,904 shares through underwriters’ option exercises.
What is the estimated value of HE’s remaining ASB stake?
Based on ASB’s closing share price of $17.57 on September 18, 2026, HEI’s remaining pro forma 6.4% stake in ASB is valued at approximately $73.5 million, subject to a 180-day lockup period on those shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 16, 2026
| Exact Name of Registrant | Commission | I.R.S. Employer | ||||||
| as Specified in Its Charter | File Number | Identification No. | ||||||
State of Hawaii
(State or other jurisdiction of incorporation)
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code:
(808 ) 543-5662
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to 12(b) of the Act:
| Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
| Hawaiian Electric Industries, Inc. | |||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
Item 8.01 Other Events.
On September 16, 2026, Hawaiian Electric Industries, Inc. (the “Company”) monetized 30% of its 9.9% stake in American Savings Bank, N.A. (NYSE - ASBH) (“ASB”), as part of ASB’s initial public offering. The sale of approximately 2.0 million shares resulted in $29.5 million in proceeds to the Company, net of underwriting fees and issuance costs. On September 21, 2026, the underwriters exercised their option to purchase an additional 293,904 shares of common stock from HEI, resulting in an additional $4.4 million in net proceeds to the Company. A copy of the press release is attached hereto as Exhibit 99 and is hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits | |||||
Exhibit 99 | Press release, dated September 21, 2026, of Hawaiian Electric Industries, Inc. Begins Monetizing ASB Shares Enabling Advance Funding of Maui Wildfire Settlement | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| HAWAIIAN ELECTRIC INDUSTRIES, INC. | ||||||||
| (Registrant) | ||||||||
| /s/ Paul K. Ito | ||||||||
| Paul K. Ito | ||||||||
| Senior Vice President and | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||
| Date: September 21, 2026 | ||||||||
2
Exhibit 99
| NEWS RELEASE | ||||||||
| September 21, 2026 | ||||||||
| Contact: | Mateo Garcia | Telephone: (808) 543-7300 | ||||||
| Director, Investor Relations | E-mail: ir@hei.com | |||||||
HEI BEGINS MONETIZING ASB SHARES, ENABLING ADVANCE FUNDING OF MAUI WILDFIRE SETTLEMENT
HONOLULU - On September 16, 2026, Hawaiian Electric Industries, Inc. (NYSE - HE) (“HEI”) monetized 30% of its 9.9% stake in American Savings Bank, N.A. (NYSE - ASBH) (“ASB”), as part of ASB’s initial public offering. The sale of approximately 2.0 million shares resulted in $29.5 million in proceeds to HEI, net of underwriting fees and issuance costs. The underwriters have a 30-day option to purchase up to an additional 293,904 shares of common stock from HEI, and fully exercising the option would result in an additional $4.4 million in net proceeds to HEI. Based on ASB’s closing share price of $17.57 as of September 18, 2026, HEI’s remaining 6.4%1 stake in ASB is valued at approximately $73.5 million. The sale of HEI’s remaining shares in ASB is subject to a 180-day lockup period. HEI will consider plans to monetize its remaining shares following expiration of the lockup period, subject to market conditions and other relevant considerations. Proceeds to HEI from its sale of ASB shares in the initial public offering, together with potential future proceeds from the sale of HEI’s remaining ASB shares, will reduce future capital raises required for the remaining Maui wildfire settlement payments.
“We are pleased that we were able to successfully monetize shares in American Savings Bank, further strengthening HEI’s liquidity and financial position, and reducing financing needs for future wildfire settlement payments,” said Scott Seu, HEI’s Chief Executive Officer.
“HEI is pleased to see a successful initial public offering completed by our former teammates at ASB, and we wish the ASB team well as they move ahead as a public company,” said Seu.
ASB was formerly a wholly owned subsidiary of HEI, prior to HEI’s sale of 90.1% of ASB on December 31, 2024. ASB began trading on the New York Stock Exchange following a successful initial public offering on September 16, 2026.
_____________________
1 Pro forma ownership of 6.4% assumes underwriters fully exercise option to purchase up to an additional 293,904 million shares from HEI.
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, 2025 and HEI’s other SEC periodic and current reports and other filings 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, 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.
ABOUT HEI
HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure public safety, reliability and resilience. For more information, visit www.hei.com.