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Hagerty (HGTY) Form 144: 28,704 Shares Proposed Sale via Merrill Lynch

Filer: Robert I. Kauffman / Aldel LLC filed a Form 144 proposing to sell 28,704 shares of Hagerty, Inc. common stock through Merrill Lynch (NYC).

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

Rhea-AI Filing Summary

Filer: Robert I. Kauffman / Aldel LLC filed a Form 144 proposing to sell 28,704 shares of Hagerty, Inc. common stock through Merrill Lynch (NYC).

The filing shows an aggregate market value of $316,278 for the planned sale and lists 90,942,223 shares outstanding. The securities were acquired on 12/02/2021 as part of a PIPE financing related to Hagerty's business combination, with 3,500,000 shares recorded as acquired on that date. The Form 144 also discloses numerous open-market sales by the same seller across May–August 2025, including several large single-day dispositions (for example, 110,600 shares sold on 07/24/2025).

Positive

  • Disclosure completeness: The Form 144 provides required details including broker, acquisition date, acquisition method (PIPE), number of shares to be sold, and aggregate market value.
  • Brokered sale: Proposed sale routed through a major broker (Merrill Lynch), indicating use of an established execution channel.

Negative

  • Substantial past dispositions: The filing lists extensive open-market sales by the same seller across May–August 2025, including large single-day sales such as 110,600 shares on 07/24/2025.
  • Potential liquidity signal: Repeated sales by an insider entity may indicate significant insider liquidity extraction (documented but not interpreted beyond the facts).

Insights

TL;DR: Insider entity proposes a modest sale relative to outstanding shares but has executed many recent open-market sales.

The filing shows a planned sale of 28,704 shares valued at $316,278 via Merrill Lynch. The securities were acquired in a PIPE on 12/02/2021. While the planned sale size is small relative to the issuer's 90,942,223 shares outstanding, the record of repeated sales from the same seller across May–August 2025 is notable for investors tracking insider liquidity. This disclosure is factual and consistent with Rule 144 reporting requirements.

TL;DR: Form 144 appears to meet disclosure requirements and documents prior and proposed sales; no regulatory noncompliance is evident from the text.

The document identifies the broker, acquisition date, method (PIPE), and a series of executed sales with dates and gross proceeds, satisfying the elements required for a Rule 144 notice. The signer represents no undisclosed material adverse information. The filing does not include anything indicating a failure to comply with Rule 144 based on the provided content.

FAQ

What does the Form 144 for Hagerty, Inc. (HGTY) disclose?
The Form 144 shows Robert I. Kauffman / Aldel LLC proposing to sell 28,704 common shares via Merrill Lynch with an aggregate market value of $316,278 and lists many prior open-market sales in May–August 2025.

When were the shares to be sold acquired according to the filing?
The shares were acquired on 12/02/2021 as part of a PIPE financing associated with Hagerty, Inc.'s business combination.

How many Hagerty shares are outstanding per the filing?
The filing states there are 90,942,223 shares outstanding.

Who is the broker handling the proposed sale in the Form 144?
The broker named in the filing is Merrill Lynch, located at 200 Park Ave, 13th Fl, New York, NY.

Does the filing list past sales by the same seller?
Yes; the Form 144 details numerous sales by Robert I. Kauffman / Aldel LLC from 05/20/2025 through 08/26/2025 with dates, amounts, and gross proceeds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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