Hagerty is pursuing a secondary offering of 8,250,000 Class A common shares, with underwriters receiving a 30-day option for up to 1,237,500 more. Hagerty will receive no proceeds because Hagerty Holding Corp. is selling the stock, with net proceeds intended for a Redemption benefiting the Kim Hagerty Revocable Trust.

Key Highlights

  • Hagerty Holding Corp. intends to grant underwriters a 30-day option for up to 1,237,500 additional Class A shares.
  • Hagerty will bear remaining offering expenses, while the selling stockholder covers its Underwriting discount.
  • Net sale proceeds are intended to fund a redemption benefiting the Kim Hagerty Revocable Trust.

Hagerty, Inc. (NYSE: HGTY) is pursuing a secondary public offering of 8,250,000 shares of its Class A common stock, with Hagerty Holding Corp. acting as the selling stockholder.

Offering Structure and Management Hagerty Holding Corp.

intends to give the underwriters a 30-day option to buy up to an additional 1,237,500 Class A common shares. Wells Fargo Securities and J.P. Morgan are serving as the underwriters’ representatives and lead bookrunning managers. The selling stockholder will pay the underwriting discount connected with its shares, while Hagerty will cover the remaining expenses tied to the transaction. Hagerty’s registration statement for the offering, including its prospectus, has been declared effective.

No Proceeds

for Hagerty Hagerty will receive no proceeds from the sale. Hagerty Holding Corp. said it intends to use the net proceeds to complete a redemption for the benefit of the Kim Hagerty Revocable Trust. The offering therefore directs sale proceeds to a transaction involving the selling stockholder and the trust, rather than providing Capital to Hagerty. Offers and sales will be conducted under applicable registration requirements.