[144] Hagerty, Inc. SEC Filing
Rhea-AI Filing Summary
Hagerty, Inc. (HGTY) filed a Form 144 reporting a proposed sale of 17,622 shares of common stock through Merrill Lynch (225 Liberty St, New York) with an aggregate market value of $219,570 and an approximate sale date of 09/16/2025. The filing identifies the seller as Aldel LLC/Robert I. Kauffman and shows the securities were originally acquired by Aldel LLC on 12/02/2021 as part of a PIPE financing tied to Hagerty’s business combination.
The filing also lists numerous prior open-market sales by Robert I. Kauffman/Aldel LLC between 06/16/2025 and 09/15/2025, with individual sale amounts and gross proceeds recorded. The notice includes the standard representation that the seller is unaware of undisclosed material adverse information.
Positive
- Disclosure of origin of the shares: Aldel LLC acquired 3,500,000 shares on 12/02/2021 in a PIPE financing
- Broker identified: Merrill Lynch handling the proposed sale, with an approximate sale date of 09/16/2025
- Complete transaction details for multiple sales are provided, including dates and gross proceeds
Negative
- Frequent affiliate insider sales reported from 06/16/2025 through 09/15/2025, which may raise stakeholder concerns
- Potential signaling risk from sustained dispositions by Aldel LLC/Robert I. Kauffman absent explanation of trading plan
- No information provided in the filing about any trading plan adoption date or Rule 10b5-1 instruction
Insights
TL;DR Significant affiliate sales reported across recent months; current proposed sale is modest in size relative to total outstanding shares.
The filing documents a proposed sale of 17,622 shares valued at $219,570 on 09/16/2025 and shows that Aldel LLC acquired 3,500,000 shares on 12/02/2021 in a PIPE transaction. The issuer's total shares outstanding are reported as 90,942,223, so the proposed block represents a very small fraction of outstanding equity. The schedule of many prior sales by Robert I. Kauffman/Aldel LLC from 06/16/2025 through 09/15/2025 indicates ongoing disposition activity; each sale is listed with amounts and gross proceeds. From a financial perspective, the filing is a routine disclosure of affiliated selling activity and provides clear transaction dates and proceeds but contains no operational or earnings data.
TL;DR Repeated affiliate insider sales are disclosed; may raise governance questions but filing itself is procedural.
The Form 144 lists a stream of open-market sales by Robert I. Kauffman/Aldel LLC spanning mid-June through mid-September 2025 and a proposed additional sale on 09/16/2025. The securities were originally acquired via a PIPE tied to the business combination completed in December 2021. While the document complies with Rule 144 reporting requirements and includes the required seller representation regarding material nonpublic information, the volume and frequency of disclosed sales could warrant attention from stakeholders monitoring insider/affiliate liquidity and potential signaling. The filing contains no statements about trading plans, lock-up expirations, or other governance arrangements.
FAQ
What shares of HGTY are proposed for sale in this Form 144?
Who is the seller reported on the Form 144 for HGTY?
When and how were the securities being sold originally acquired?
Does the filing show prior sales by the same seller?
Which broker is handling the proposed sale?
