Shares of Hawaiian Electric Industries, Inc. (HE) tanked nearly 20% on Monday morning after the utility firm raised "going concern" risk late last week after it disclosed that it did not have a financing plan in place for the $1.99 billion Maui wildfire settlement it reached earlier this month.
HE is currently trading at $12.44, down $3.06 or 19.74%, on the NYSE. The stock opened its trading at $15.95 after closing Friday at $15.50. The stock has traded between $7.61 and $22.45 in the past 52-week period.
Last week in its earnings release, the company said that it "do not yet have a financing plan in place to address the future payment of the $1.71 billion Maui windstorm and wildfire settlement accrued in the second quarter of 2024."
HEI and Hawaiian Electric disclosed a "going concern" risk in their financial statements.
In financial terms, "going concern risk" refers to the possibility that a company may not be able to continue its operations or meet its financial obligations for the foreseeable future, typically within the next 12 months. This risk arises when there are significant doubts about the company's ability to operate without the threat of liquidation or bankruptcy.
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