Shares of Hawaiian Electric fell 9.7% on Thursday after the parent company of Hawaii's largest utility said it plans to sell up to $250 million worth of shares to partly fund its portion of the Maui wildfire settlement.

Shares of Hawaiian Electric fell 9.7% today after the parent company of the state’s largest utility said it plans to sell up to $250 million worth of shares to partly fund its portion of the Maui wildfire settlement.

Hawaiian Electric entered a $250 million Equity Distribution Agreement to issue common shares through agents like Wells Fargo and Barclays. Agents will receive up to 1% commission from gross sales proceeds, following company instructions.