Auto insurer Hagerty skids on 9 million-share secondary offering
HGTY•Hagerty shares fell 8.5% in extended trading after Hagerty Holding Corp. said it would sell 9 million shares. The company had about 343.7 million shares outstanding.
1. Secondary offering details
Hagerty Holding Corp. plans to sell 9 million shares of Hagerty Inc. Net proceeds will be used to redeem a corresponding number of Hagerty Holding Corp. shares for the benefit of the Kim Hagerty Revocable Trust. Hagerty shares closed Tuesday down 1.6% at $16.94, after rising 26% year to date.
