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Insider Selling: Hagerty Board Member's Systematic Stock Disposals Raise Questions

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

Rhea-AI Filing Summary

Director Robert I. Kauffman of Hagerty filed a Form 144 notice for the proposed sale of 7,432 shares of common stock with an aggregate market value of $75,212 through Merrill Lynch on the NYSE. The planned sale date is June 27, 2025.

The securities were originally acquired on December 2, 2021, as part of a PIPE financing connected to Hagerty's business combination. Kauffman's initial acquisition was 3.5 million shares.

Over the past three months (March-June 2025), Kauffman has conducted extensive trading activity through Aldel LLC, selling approximately 432,000 shares in multiple transactions, generating total proceeds of about $4.2 million. The trading has followed a 10b5-1 plan adopted on August 9, 2024.

The filing indicates Kauffman has no knowledge of material adverse information about Hagerty that hasn't been publicly disclosed. The company currently has 90,032,391 shares outstanding.

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 planning to sell according to the Form 144 filed on June 28, 2025?

According to the Form 144 filing, Robert I. Kauffman plans to sell 7,432 shares of HGTY common stock with an aggregate market value of $75,212.00 through Merrill Lynch on the NYSE. The approximate date of sale is listed as June 27, 2025.

How many HGTY shares has Robert Kauffman sold in the past 3 months before this Form 144 filing?

Robert Kauffman, through Aldel LLC, has conducted numerous sales from March 17, 2025 to June 26, 2025, totaling approximately 450,000 shares. The largest single-day sales were 33,765 shares on May 7, 2025 ($326,508) and 31,110 shares on June 24, 2025 ($315,455).

When did Robert Kauffman initially acquire his HGTY shares being sold?

According to the filing, Kauffman initially acquired 3,500,000 shares on December 2, 2021, as part of the PIPE financing connected to Hagerty's business combination. The acquisition was made through Aldel LLC as documented in an 8-K filed in December 2021.

What is Robert Kauffman's relationship to HGTY and is he trading under a 10b5-1 plan?

Robert Kauffman serves as a Director of Hagerty, Inc. (HGTY). The filing indicates he is trading under a Rule 10b5-1 trading plan that was adopted on August 9, 2024, which allows for predetermined trading parameters to avoid insider trading concerns.

What is the total number of HGTY shares outstanding as of this Form 144 filing?

According to the Form 144 filing, Hagerty, Inc. (HGTY) has 90,032,391 shares outstanding as of the filing date of June 28, 2025.