Form 4: Hagerty Inc. Director Swanson Executes Warrant Exchange for Class A Common Stock

Director William H. Swanson, through a family trust, exchanged 72,000 warrants for 14,400 shares of Hagerty, Inc. Class A Common Stock on July 3, 2024, as part of a previously announced exchange offer.

Summary

• On July 3, 2024, William H. Swanson, a director of Hagerty, Inc., engaged in a transaction involving the exchange of warrants for Class A Common Stock.
• The transaction was executed through The William and Cheryl Swanson Revocable Trust UTD 9/28/2000, for which Swanson serves as trustee.
• The trust exchanged 72,000 warrants, each previously entitling the holder to purchase one share of Class A Common Stock at $11.50, for 14,400 shares of Class A Common Stock.
• This exchange was part of a previously announced exchange offer by Hagerty, Inc.
• Following the reported transaction, the trust beneficially owns 414,400 shares of Class A Common Stock indirectly and 28,474 shares directly.

Sentiment

Score: 6

Explanation: The document is a standard SEC Form 4 filing, indicating a routine transaction. The sentiment is neutral as it simply reports the exchange of warrants for stock.

Industry Context

This transaction reflects insider activity related to company-initiated exchange offers, which can be used to streamline capital structure or manage outstanding warrants. It's a common practice for companies to manage their outstanding securities in this way.

Stakeholder Impact

• The transaction may have a minor impact on shareholders due to the increase in the number of outstanding Class A Common Stock.

Key Dates