Shares of $Hawaiian Electric Industries (HE.US)$ were down more than 9% at 1.05 PM ET on Tuesday after the company’s public stock offering was priced below yesterday’s closing price. Shares had already fallen 23% year-to-date when the market closed Monday.
The utility company said on Monday night that its offering of 54 million shares was priced at $9.25 per share. The stock closed Monday’s trading session at $10.90.
The offering is expected to close on Sept. 25. Proceeds will be used to fund Hawaiian Electric’s contribution to a legal settlement tied to the Maui wildfires that killed more than 100 people and destroyed historic Lahaina last year.