Form 8-K
8-K — HAWAIIAN ELECTRIC INDUSTRIES INC
Accession: 0000354707-26-000066
Filed: 2026-09-21
Period: 2026-09-16
CIK: 0000354707
SIC: 4911 (ELECTRIC SERVICES)
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — he-20260916.htm (Primary)
EX-99 (heiexhibit99-8xkasbhshares.htm)
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8-K
8-K (Primary)
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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.
Hawaiian Electric Industries, Inc. 1-8503 99-0208097
State of Hawaii
(State or other jurisdiction of incorporation)
1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813
(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:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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. Common Stock, Without Par Value HE New York Stock Exchange
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
EX-99
EX-99
Filename: heiexhibit99-8xkasbhshares.htm · Sequence: 2
Document
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.
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