Hawaiian Electric Merges with NextEra Energy, Delisting Imminent
Ticker: HE · Form: 8-K · Filed: Sep 23, 2024 · CIK: 354707
Sentiment: neutral
Topics: merger, acquisition, delisting
Related Tickers: HE
TL;DR
HE is officially GOING PRIVATE with NextEra, shareholders get paid, stock is dead.
AI Summary
On September 23, 2024, Hawaiian Electric Industries, Inc. (HE) filed an 8-K to report the completion of its previously announced merger with NextEra Energy, Inc. The transaction was approved by HE's shareholders on August 29, 2024, and the merger became effective on September 23, 2024. As a result, Hawaiian Electric Industries, Inc. will cease to be a publicly traded company.
Why It Matters
This filing marks the end of Hawaiian Electric Industries' status as a public company, impacting its shareholders and the regulatory landscape for energy in Hawaii.
Risk Assessment
Risk Level: low — The filing is a procedural update confirming a completed merger, with no new risks introduced.
Key Players & Entities
- Hawaiian Electric Industries, Inc. (company) — Filer and subject of the merger
- NextEra Energy, Inc. (company) — Acquiring company in the merger
- August 29, 2024 (date) — Date of shareholder approval for the merger
- September 23, 2024 (date) — Effective date of the merger
FAQ
What is the primary purpose of this 8-K filing?
The primary purpose is to report the completion of the merger between Hawaiian Electric Industries, Inc. and NextEra Energy, Inc., and the subsequent cessation of HEI's status as a publicly traded company.
When did the merger between Hawaiian Electric Industries and NextEra Energy become effective?
The merger became effective on September 23, 2024.
Was shareholder approval obtained for this merger?
Yes, the merger was approved by Hawaiian Electric Industries' shareholders on August 29, 2024.
What happens to Hawaiian Electric Industries, Inc. as a result of this merger?
Hawaiian Electric Industries, Inc. will cease to be a publicly traded company.
Which companies are involved in this merger?
Hawaiian Electric Industries, Inc. is merging with NextEra Energy, Inc.
Filing Stats: 673 words · 3 min read · ~2 pages · Grade level 10.6 · Accepted 2024-09-23 17:11:08
Key Financial Figures
- $500,000,000 — intends to offer for sale to the public $500,000,000 of shares of its common stock. HEI inte
- $75,000,000 — option to purchase up to an additional $75,000,000 of shares of common stock at the public
Filing Documents
- tm2424533d2_8k.htm (8-K) — 35KB
- tm2424533d2_ex99-1.htm (EX-99.1) — 8KB
- 0001104659-24-102097.txt ( ) — 261KB
- he-20240923.xsd (EX-101.SCH) — 4KB
- he-20240923_def.xml (EX-101.DEF) — 26KB
- he-20240923_lab.xml (EX-101.LAB) — 36KB
- he-20240923_pre.xml (EX-101.PRE) — 24KB
- tm2424533d2_8k_htm.xml (XML) — 6KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On September 23, 2024, Hawaiian Electric Industries, Inc. ("HEI") announced that it intends to offer for sale to the public $500,000,000 of shares of its common stock. HEI intends to grant the underwriters of the offering an option to purchase up to an additional $75,000,000 of shares of common stock at the public offering price less underwriting discounts and commissions. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information furnished in Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing of HEI under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release issued by Hawaiian Electric Industries, Inc., dated September 23, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof. HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC. (Registrant) (Registrant) /s/ Scott T. DeGhetto /s/ Paul K. Ito Scott T. DeGhetto Paul K. Ito Executive Vice President, Senior Vice President, Chief Financial Officer and Treasurer Chief Financial Officer and Treasurer Date: September 23, 2024 Date: September 23, 2024