[144] Hagerty, Inc. SEC Filing
Rhea-AI Filing Summary
Hagerty, Inc. (HGTY) Form 144 filing reporting proposed sale of common shares by Aldel LLC/Robert I. Kauffman. The notice identifies a proposed sale of 7,668 common shares through Merrill Lynch on the NYSE with an aggregate market value of $83,351, against 90,942,223 shares outstanding. The filer states the shares were acquired on 12/02/2021 as part of a PIPE connected to Hagerty's business combination and were paid in stock.
The filing also lists extensive secondary-market sales by the same account from 05/20/2025 through 08/22/2025, including multiple large blocks (for example, 98,766 shares on 07/09/2025 and 110,600 shares on 07/24/2025). The form includes the required representation that the seller has no undisclosed material adverse information.
Positive
- Rule 144 compliance: The filer submitted a formal notice for the proposed sale, providing transparency to the market.
- Acquisition provenance disclosed: The filing states the shares were acquired on 12/02/2021 in a PIPE tied to Hagerty's business combination, clarifying origin of holdings.
Negative
- Extensive secondary sales listed: Multiple sales from 05/20/2025 to 08/22/2025, including large blocks (e.g., 98,766 on 07/09/2025 and 110,600 on 07/24/2025), indicate significant disposition by an affiliated holder.
- Potential market pressure signal: Repeated large sales by Aldel LLC/Robert I. Kauffman could be perceived negatively by investors as reduced insider conviction.
Insights
TL;DR: Routine Rule 144 disclosure showing continued disposition by an affiliated holder; material only if aggregate sales are large versus float.
The filing documents a proposed small block sale of 7,668 shares and a long list of prior sales by Aldel LLC/Robert I. Kauffman over a three-month span. This is a standard compliance disclosure under Rule 144 that notifies the market of insider/affiliate selling activity. Key datapoints are the acquisition date (12/02/2021) tied to a PIPE, the nature of payment (stock), and the outstanding share count (90,942,223), which provides context for the scale of sales. Without consolidated totals of shares sold or percentage of the holder's stake, direct valuation or dilution impact is unclear from this form alone.
TL;DR: Repeated large sales by an affiliated holder raise governance and signaling questions, though the filing itself is a compliance disclosure.
The form confirms that Aldel LLC, connected to Robert I. Kauffman, acquired 3,500,000 shares in the PIPE and has executed numerous market sales through mid‑2025, including multiple large single‑day blocks. Frequent disposition by a founding/affiliated holder can be material to investor perception of insider confidence and may exert selling pressure. The filing properly includes the seller's attestation regarding undisclosed material information and provides acquisition provenance, which supports compliance with securities rules.
FAQ
What does Hagerty (HGTY) Form 144 filed by Aldel LLC report?
When were the shares being sold by Aldel LLC acquired?
How many shares outstanding does Hagerty report in the Form 144?
Are there any large single-day disposals noted in the filing?
Does the filer state there is any undisclosed material information?
