AMERICAN STATES WATER CO 8-K

What Happened

• American States Water Company (AWR) announced on February 20, 2026 that it entered into an amendment to its Equity Distribution Agreement (originally dated February 27, 2024) to replace Janney Montgomery Scott LLC with Huntington Securities, Inc. as a sales agent.
• Under the Equity Distribution Agreement, AWR may offer and sell up to $200 million of its common shares in “at the market” (ATM) offerings pursuant to its Form S-3 registration; approximately $40.7 million of that capacity remained at the time of the amendment.

Key Details

• Amendment date: February 20, 2026; Original agreement date: February 27, 2024.
• Total ATM program size: $200.0 million; remaining available: ~$40.7 million.
• New sales agent: Huntington Securities, Inc.; continuing sales agents include Wells Fargo Securities, LLC, RBC Capital Markets, LLC, and Siebert Williams Shank & Co., LLC.
• Filing discloses that the sales agents and their affiliates provide (and have provided) other financial services to AWR and subsidiary Golden State Water Company, including lending and credit facility relationships.

Why It Matters

• This is a procedural but material update to AWR’s ability to raise equity through its existing $200M ATM program; replacing a sales agent can affect execution of share sales and relationships with distribution partners.
• Investors should note the remaining ATM capacity (~$40.7M) as potential near-term dilution if the company decides to sell shares, and be aware of the disclosed commercial relationships between AWR and the sales agents’ affiliates.