Hagerty, Inc. (NYSE: HGTY) (“Hagerty” or the “Company”), the leading specialist insurance provider focused on the global automotive enthusiast market and automotive lifestyle brand, announced that shares of its common stock and warrants began trading today on the New York Stock Exchange under the ticker symbols HGTY and HGTY.WS, respectively.
This offering follows the completion of the Company’s previously announced business combination with Aldel Financial Inc. (“Aldel”), a publicly-traded special purpose acquisition company. Aldel shareholders approved the business combination at a special meeting held on December 1st. Hagerty executives will ring the bell to open the trading day at the New York Stock Exchange on Monday, December 6th.
Hagerty’s SPAC merger with Aldel included a $704 million fully committed PIPE led by strategic investors State Farm and Markel Corporation and including a group of top-tier institutional and private investors.
McKeel Hagerty, the Company’s CEO, said:
Today is a milestone for Hagerty and a testament to the talent and dedication of the entire Hagerty team and their commitment to our purpose of saving driving and car culture for future generations.
We have built the Company to optimize growth across the vast automotive enthusiast market, which today stands strong at an estimated 69 million enthusiasts in the U.S. alone. Our goal is not only to provide car lovers with great insurance but to help them connect with one another and have fun with their cars. We are focused on preserving the parts of driving that created American car culture in the first place – family, fun, community, competition, road trips and so much more.
Being listed on the NYSE marks the start of an exciting new chapter in Hagerty’s history. We are confident that we have sufficient capital to advance our strategy, which remains focused on investing in the Company’s digital user experience to support and accelerate growth in our membership base, while expanding our portfolio of engaging and exciting car-focused events and services. We believe this strategy will create rewarding new experiences for car lovers and sustainable value for our shareholders over the long term.
Robert I. Kauffman, Chairman & CEO of Aldel, said:
Aldel’s mission was to partner with a great business with a large and growing market opportunity, as well as a differentiated operating model. Hagerty meets those criteria and more. It is a company not only primed for growth, but one with a unique culture and visionary leadership team, as well as a record of financial success. We look forward to supporting Hagerty in its efforts to drive profitable growth in the years ahead.
Note: Press release courtesy of Hagerty.