Hagerty Commences Warrant Exchange Offer and Consent Solicitation

Core Viewpoint - Hagerty, Inc. has initiated an exchange offer and consent solicitation to simplify its capital structure and mitigate the potential dilutive impact of its outstanding warrants [1][2]. Group 1: Exchange Offer Details - The company is offering 0.20 shares of Class A Common Stock for each outstanding warrant tendered, with a total of up to 3,896,707 shares available for exchange [2]. - The exchange offer is set to expire on July 2, 2024, unless extended [4]. Group 2: Consent Solicitation - Concurrently, Hagerty is soliciting consents to amend the warrant agreements, allowing for a potential exchange of 0.18 shares for each warrant if the offer closes [3]. - Approximately 44.3% of Public Warrants, 57.2% of Private Placement Warrants, and 81.5% of PIPE Warrants have agreed to tender their warrants and consent to the amendments [3]. Group 3: Current Capital Structure - As of May 15, 2024, Hagerty has 85,703,286 shares of Class A Common Stock and 19,483,539 outstanding warrants [5]. - If all warrant holders participate in the exchange, the total shares of Class A Common Stock would increase to 89,599,993, representing a 4.5% increase [5].