Hagerty, Inc. (NYSE: HGTY) has announced the results of its recently expired exchange offer and consent solicitation. The company revealed that approximately 87.3% of the outstanding public warrants, 98.4% of the private placement warrants, and 97.6% of the pipe warrants were validly tendered and not validly withdrawn prior to the expiration of the offer.
As a result, Hagerty expects to settle the exchange of these warrants, each for 0.2 shares of the company’s class A common stock, on or around July 5, 2024. Additionally, in the consent solicitation, Hagerty received the approval of approximately 87.3% of the outstanding public warrants, 98.4% of the outstanding private placement warrants, and 97.6% of the outstanding pipe warrants, exceeding the 50% consent required to effect the amendment of the warrant agreement that governs the respective warrants.
Following the amendments, Hagerty exercised its right to require the exchange of each remaining outstanding warrant for 0.18 shares of class A common stock, which is a ratio 10% less than the exchange ratio applicable to the offer. The company also fixed July 22, 2024, as the exchange date for the post-offer exchange, after which no warrants will remain outstanding.
It is anticipated that the last day of trading for the public warrants on the New York Stock Exchange under the symbol "HGTY.WS" will be July 19, 2024. Hagerty engaged D.F. King & Co., Inc. as the information agent and consent solicitor for the offer and consent solicitation.
The press release also noted that the company is a leading provider of specialty vehicle insurance, with a community of over 800,000 members, and operates in Canada and the U.K. Hagerty is committed to saving driving and fueling car culture for future generations and aims to be a catalyst for positive change across various issues. The market has reacted to these announcements by moving the company's shares -0.5% to a price of $10.99. If you want to know more, read the company's complete 8-K report here.
