Item 8.01 (Other Events): Southwest Gas Holdings entered into an underwriting agreement with J.P. Morgan Securities LLC to sell 27,362,210 shares of Centuri Holdings, Inc. common stock The public offering price was $19.60 per share The sale was made under a prospectus supplement dated September 3, 2025, filed with the SEC pursuant to Centuri's effective shelf registration statement

Our analysis rates this filing CAUTIOUS. The elevated concern level reflects a significant strategic restructuring through complete divestment of Centuri Holdings. While the transaction generates substantial cash and reduces overall risk exposure, it represents a material change in corporate…

Concern level: HIGH (6.5/10). Key factors: Complete divestment of Centuri Holdings stake (significant strategic shift); Loss of governance rights in previously held subsidiary; Removal of board nomination and corporate action consent rights.

Notable risk changes: Complete divestment of Centuri Holdings stake for $524.8 million; Loss of governance rights in previously held subsidiary; Strategic portfolio restructuring through full share sale.

The model predicts SWX will outperform the S&P 500 by about 0.0% over 30 days (model confidence 50%). This is model analysis for research, not investment advice.