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.