Hagerty Shares Drop 12% Following Upsized Secondary Offering
Hagerty (HGTY) has priced an upsized secondary offering consisting of 10 million shares of Class A common stock. The offering is set at a price of $14.85 per share and is being conducted by the existing shareholder, Hagerty Holding Corp. The move is expected to generate approximately $148.5 million in gross proceeds for the selling shareholder. Following the announcement, Hagerty's stock price experienced a significant decline of 12%, reflecting market reaction to the dilution and the pricing of the secondary offering.
Tickers: $HGTY
Topics: Capital Raising Secondary Offering Stock Issuance
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Part of the story Hagerty Announces Pricing of Upsized 10 Million Share Secondary Offering (4 articles)