[144] Hagerty, Inc. SEC Filing
Rhea-AI Filing Summary
Hagerty, Inc. (HGTY) Form 144 notice reports a proposed sale and extensive recent dispositions by related holder Aldel LLC/Robert I. Kauffman. The filer lists a proposed sale of 7,356 common shares with an aggregate market value of $79,224, against 90,942,223 shares outstanding, and names Merrill Lynch as broker with an approximate sale date of 08/21/2025. The filing discloses that Aldel LLC acquired 3,500,000 shares on 12/02/2021 as part of a PIPE financing tied to the company’s business combination with Hagerty.
The document also provides a detailed list of sale transactions by Robert I. Kauffman/Aldel LLC covering multiple dates from April through July 2025, including several large single-day dispositions (for example, 110,600 shares on 07/24/2025 with gross proceeds of $1,156,876). The filer affirms compliance statements required by the form.
Positive
- The filing clearly identifies the origin of the shares (3,500,000 acquired in a PIPE on 12/02/2021), improving transparency.
- The filer discloses numerous recent sales and a proposed sale under Rule 144, demonstrating regulatory compliance and public reporting of insider/affiliate transactions.
Negative
- The record shows extensive and repeated sales by Aldel LLC/Robert I. Kauffman from April through July 2025, including large single-day dispositions (e.g., 110,600 shares on 07/24/2025), which may increase share supply pressure.
- Although the filing is informational, the volume and frequency of affiliate selling could be viewed negatively by investors concerned about insider liquidity and alignment with long-term shareholders.
Insights
TL;DR: Significant affiliate selling disclosed, but the filing is a routine Rule 144 notice rather than new company operational news.
The filing reports a proposed sale of 7,356 shares and provides an extensive log of prior dispositions by Aldel LLC/Robert I. Kauffman from April to July 2025. The origin of the holdings is stated as a 3.5 million-share PIPE acquisition on 12/02/2021. From an analytical perspective, the document is primarily a compliance disclosure: it gives investors transparency about insider/affiliate liquidity but does not include financial performance data or company guidance. The transactions could inform supply-side considerations for short-term trading, but the filing itself contains no operational or earnings information to change fundamental valuation.
TL;DR: Repeated large sales by an affiliate raise governance and signaling questions despite being formally disclosed under Rule 144.
The filing documents frequent, sizable dispositions by Aldel LLC/Robert I. Kauffman over a multi-month period, culminating in very large single-day sales (notably 110,600 shares on 07/24/2025). While Rule 144 filings are standard for reporting proposed and recent sales, the concentration and cadence of sales warrant investor attention from a governance and insider-alignment standpoint. The filing confirms acquisition provenance (PIPE financing) which clarifies that these are shares originally received in a private placement tied to the business combination.
FAQ
What does Hagerty (HGTY) Form 144 disclose about the proposed sale?
How many shares did Aldel LLC report acquiring and when?
Does the filing show recent sales by insiders or affiliates?
Are any single large transactions highlighted in the Form 144?
Does the Form 144 include any company earnings or operational updates?
