Hagerty Announces Secondary Offering of Class A Common Stock
Hagerty Inc. announced that Hagerty Holding Corp., a selling stockholder, plans to offer 8,250,000 shares of its Class A common stock in an underwritten secondary public offering. The underwriters will also have the option to purchase up to an additional 1,237,500 shares within 30 days. Hagerty itself will not receive any proceeds from this sale; instead, the selling stockholder will cover the associated underwriting discounts while Hagerty bears other expenses. The net proceeds from the offering are intended for a redemption of HHC shares on behalf of the Kim Hagerty Revocable Trust. Wells Fargo Securities and J.P. Morgan are serving as lead bookrunning managers for this transaction, which has been registered with the SEC under an effective registration statement. Investors are encouraged to review the prospectus and related documents before making investment decisions. The announcement includes forward-looking statements about the offering's timing and size that may not materialize due to various risks such as competition in Hagerty’s industry and other operational challenges.
