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Major Hagerty Stakeholder Continues Stock Selloff: What Investors Should Know

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
144

Rhea-AI Filing Summary

Form 144 Notice of Proposed Sale filed by Robert I. Kauffman/Aldel LLC regarding Hagerty (NYSE: HGTY) common stock. The filing indicates a proposed sale of 31,110 shares with an aggregate market value of $315,455, to be executed through Merrill Lynch around June 24, 2025.

Key transaction details:

  • Original acquisition: 3.5 million shares acquired on December 2, 2021 through PIPE financing during business combination
  • Recent trading activity: Seller has been actively selling shares over past 3 months, with total sales of approximately 400,000 shares between March-June 2025
  • Current outstanding shares: 90,032,391

This Form 144 represents continued liquidation of position by early investor. The systematic selling pattern over the past three months shows regular market transactions ranging from approximately 1,000 to 33,000 shares per day, with total proceeds exceeding $3.8 million during this period.

Positive

  • None.

Negative

  • None.

144: Filer Information

144: Issuer Information

144: Securities Information



Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold


* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.



Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

144: Remarks and Signature

Source: View Original Filing on SEC EDGAR

FAQ

How many HGTY shares is Robert Kauffman (Aldel LLC) planning to sell according to the Form 144?

According to the Form 144 filing, Robert Kauffman through Aldel LLC is planning to sell 31,110 shares of HGTY common stock with an aggregate market value of $315,455.00 through Merrill Lynch.

When did Aldel LLC initially acquire HGTY shares and how many shares were acquired?

Aldel LLC acquired 3,500,000 shares of HGTY common stock on December 2, 2021, as part of the PIPE financing connected to Hagerty's business combination announcement. The acquisition was made directly from Hagerty Inc.

What is the total value of HGTY shares sold by Robert Kauffman in the past 3 months?

In the three months prior to the filing (March-June 2025), Robert Kauffman through Aldel LLC sold multiple blocks of HGTY shares totaling approximately $3.9 million in gross proceeds through numerous transactions ranging from 1,149 to 33,765 shares per sale.

What percentage of HGTY's outstanding shares does the proposed sale represent?

The proposed sale of 31,110 shares represents approximately 0.035% of HGTY's total outstanding shares, which according to the filing stands at 90,032,391 shares.

When is the approximate date of the proposed HGTY share sale?

The Form 144 indicates that the approximate date of sale for the 31,110 shares is June 24, 2025, to be executed on the NYSE through Merrill Lynch.