|Over a month ago|
Hagerty to begin trading on NYSE on December 3 » 07:1712/0312/03/21
Hagerty (HGTY) announced…
Hagerty (HGTY) announced that shares of its common stock and warrants will begin trading December 3 on the New York Stock Exchange under the ticker symbols "HGTY" and "HGTY.WS," respectively. This follows the completion of the company's previously announced business combination with Aldel Financial (ADF). Aldel shareholders approved the business combination at a special meeting held on December 1. Hagerty executives will ring the bell to open the trading day at the New York Stock Exchange on Monday, December 6.
|Over a quarter ago|
FG Financial says 'could not be more pleased' with Aldel agreement with Hagerty » 10:3808/1808/18/21
FGF, ADF, HGTY
FG Financial Group (FGF),…
FG Financial Group (FGF), a reinsurance and investment management holding company focused on opportunistic collateralized and loss capped reinsurance while allocating capital to SPAC and SPAC sponsor-related businesses, announced that its SPAC Platform partner, Aldel Financial (ADF), has entered into a definitive business combination agreement with Hagerty, an automotive enthusiast brand offering a specialty automotive insurance platform built upon a membership organization for car lovers. Upon the closing of the transaction, Aldel will be renamed Hagerty, Inc., and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange under the ticker "HGTY." FG Financial's investments in Aldel Financial represent beneficial interests in approximately 533,000 Aldel shares and approximately 321,000 warrants to purchase Aldel common stock at a price of $15.00 per share. FG Financial Group's CEO Larry Swets, Jr. commented, "We could not be more pleased with this merger announcement for Aldel, our second SPAC and the first partner SPAC on the SPAC Platform. Hagerty is a differentiated, fast-growing business in an attractive market and we look forward to being shareholders and sharing in the company's success."
Aldel Financial, Hagerty announce business combination agreement » 07:3208/1808/18/21
Hagerty and Aldel…
Hagerty and Aldel Financial announced that they have entered into a definitive business combination agreement. Upon the closing of the transaction, Aldel will be renamed Hagerty, Inc., and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange under the ticker HGTY. Hagerty is a leading specialty insurance provider for classic and enthusiast vehicles. The transaction is expected to deliver up to $820M of gross proceeds to the combined company, including the contribution of up to $116M of cash held in Aldel's trust account from its initial public offering in April 2021, assuming no redemptions. The combination is supported by a $704M PIPE at $10.00 per share plus 18% warrant coverage led by strategic investors State Farm and Markel Corporation and commitments from a group of leading institutional and private investors. Existing Aldel stockholders who don't exercise their redemption rights will roll 100% of their equity into the combined company. All references to available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public stockholders of Aldel and payment of transaction expenses. The transaction, which has been unanimously approved by Aldel's board of directors and the independent members of Hagerty's board, is expected to close in the fourth quarter, and is subject to approval by Aldel's stockholders and Hagerty's owners and other customary closing conditions, including any applicable regulatory approvals. Over 40% of Aldel's stockholders have signed voting agreements in favor of the Transaction. The minimum cash condition will be satisfied via the committed PIPE.
On the Fly: The Week in SPAC News » 09:5204/1104/11/21
MUDS, TOPP, BYND, YAC, AGC, AGCB, AAPL, MRAC, NBA, NEBC, ROVR, AHAC, TPGS, GLSPT, ADF, TIOA, PANA, CMLT, ACBA
Trading card maker Topps…
Aldel Financial opens for trade at $9.94, IPO priced at $10 » 11:1704/0904/09/21
Aldel Financial, a newly…
Aldel Financial, a newly organized blank check company, priced its initial public offering of 10M units at an offering price of $10.00 per unit. The trade on New York Stock Exchange under the ticker symbol "ADF.U". Once the securities comprising the units begin separate trading, the common stock and the warrants are expected to be traded on the NYSE under the symbols "ADF" and "ADFW," respectively. ThinkEquity, a division of Fordham Financial Management, is acting as sole book-running manager for the offering. Aldel Financial will concentrate its focus on "companies exiting the restructuring process, or businesses that have transient current ownership."