Hawaiian Electric Industries has added to its take from selling newly issued shares of stock.

The company said today that an option for stock sale underwriters to buy up to $75 million in new shares has been fully exercised.

The underwriters helped HEI sell $500 million in new shares to the public Monday at $9.25 a share. With the additional sale, also for $9.25 a share, net proceeds to HEI total $558 million after underwriting discounts and commissions.

Both sales were made to help fund a pending settlement of claims over 2023’s Maui wildfire disaster. HEI subsidiary Hawaiian Electric has agreed to pay $1.99 billion over four years to settle claims as part of a $4 billion settlement of more than 650 lawsuits that allege the company is responsible for the fire along with the state, Maui County, Kamehameha Schools, West Maui Land Co., Hawaiian Telcom and Spectrum/Charter Communications.

The earliest an initial settlement payment by Hawaiian Electric is expected is mid-2025 if the settlement is finalized in state court.

HEI also has a plan to sell up to $250 million in yet more new shares from time to time at prevailing market prices over the next three years.

Shares of HEI closed at $9.98 today, up from $9.90 Tuesday.