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Hagerty (HGTY) Form 144 reveals continued Aldel LLC share sales

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

Rhea-AI Filing Summary

Hagerty, Inc. (HGTY) – Form 144 filing discloses that affiliate Robert I. Kauffman / Aldel LLC intends to sell 7,747 common shares through Merrill Lynch on or after 20 June 2025. The proposed sale represents roughly 0.01 % of the 90.0 million shares outstanding.

The filing also details extensive prior sales during the last three months: 47 separate transactions between 17 March 2025 and 18 June 2025 totaling approximately 416,925 shares. These sales generated aggregate gross proceeds of just over $4.0 million (sum of disclosed amounts). The shares were originally acquired on 2 December 2021 as part of the PIPE financing accompanying Hagerty’s business-combination 8-K.

Under Rule 144, the filer confirms no undisclosed material adverse information and that the sale will comply with volume and manner-of-sale restrictions. While the volume is small relative to the float, continual sales could contribute to modest trading-day supply overhang.

Positive

  • Small proposed sale volume – 7,747 shares represent only 0.01 % of total outstanding, implying minimal dilution risk.
  • Transparent Rule 144 compliance – the filer affirms no undisclosed adverse information, reducing information-asymmetry concerns.

Negative

  • Ongoing insider selling trend – roughly 416,925 shares sold over the past three months may exert incremental selling pressure.
  • Limited new information on fundamentals – the filing offers no operational or financial performance updates for investors.

Insights

TL;DR – Affiliate files to sell 7.7k HGTY shares after already off-loading ~417k in the last quarter; limited dilution but steady insider supply.

The Form 144 signals continuing divestiture by Aldel LLC, a PIPE investor from the 2021 de-SPAC. The additional 7,747 shares are immaterial (≈0.01 % of outstanding), suggesting negligible direct dilution. However, recent historical sales average over 6,000 shares per trading day, indicating persistent insider supply that could weigh on near-term price momentum. No operational data accompanies the filing; therefore, fundamental value drivers remain unchanged. The disclosure is moderately relevant for liquidity and sentiment monitoring rather than for cash-flow or valuation analysis.

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 Hagerty (HGTY) shares does Aldel LLC plan to sell under this Form 144?

7,747 common shares are slated for sale, with an approximate sale date of 20 June 2025.

What percentage of Hagerty’s outstanding shares does the proposed sale represent?

The 7,747 shares equal about 0.01 % of the 90.0 million shares outstanding.

How many HGTY shares has Aldel LLC sold in the last 3 months?

The filing lists 47 transactions totaling roughly 416,925 shares between 17 Mar 2025 and 18 Jun 2025.

When and how did Aldel LLC acquire its Hagerty shares?

Shares were acquired 2 Dec 2021 as part of the PIPE financing tied to Hagerty’s business-combination 8-K.

Which broker is handling the upcoming sale?

The proposed sale will be executed through Merrill Lynch, 200 Park Ave, New York, NY.