Hagerty prices upsized secondary offering of 10 million Class A shares at $14.85
Hagerty Holding Corp., the company's controlling shareholder, announced that it will sell 10 million Class A shares in an underwritten secondary offering, with a 30‑day option for underwriters to purchase up to an additional 1.5 million shares. The shares are priced at $14.85 each and the transaction is expected to close around November 12, 2026. Hagerty will not receive any of the proceeds; the selling shareholder said the net cash will be used to redeem shares for the benefit of the Kim Hagerty Revocable Trust.
Why it matters
The discounted price and the large share count have pressured Hagerty’s stock, which fell between 5% and 12% in trading after the announcement. Because the company receives no capital, the deal does not fund growth but raises concerns about dilution and insider liquidity.
Key facts
- 1The selling shareholder intends to offer 10,000,000 Class A shares. prnewswire.com
- 2Underwriters have a 30‑day option to purchase up to 1,500,000 additional shares. prnewswire.com
- 3The public price is $14.85 per share. prnewswire.com
- 4The offering is expected to close on or about November 12, 2026. prnewswire.com
- 5Hagerty will not receive any proceeds; the net proceeds will be used to redeem shares for the Kim Hagerty Revocable Trust. prnewswire.com
- 6Hagerty’s stock fell 7.6% after‑hours on the day of the announcement. investing.com
Summary written by AlphAI AI Desk from 10 of 10 sources. Not investment advice. Figures are as stated by the linked sources.