Hagerty Shares Drop After 9 Million-Share Offering Plan

Hagerty shares fell 8.5% to $15.50 in after-hours trading Tuesday after the company announced a planned secondary offering of 9 million shares by Hagerty Holding. Hagerty will not receive proceeds from the sale.

Today, 03:03· Money Talk· 2,161 reads

Hagerty Shares Drop After 9 Million-Share Offering Plan

Hagerty ended Tuesday’s regular session down 1.6%, though the stock had gained 26% this year through the close. The underwriters are expected to have a 30-day option to purchase up to an additional 1.35 million Hagerty shares.

Hagerty said HHC plans to use the sale proceeds to redeem a corresponding number of its HHC shares for the benefit of the Kim Hagerty Revocable Trust.

Hagerty Shares Drop After 9 Million-Share Offering Plan

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