Form 4: Insider Trades: Miami International Holdings EVP Sells Shares

Douglas M. Schafer Jr., EVP and CIO of Miami International Holdings, Inc., executed a Rule 10b5-1 plan transaction, selling 48,000 shares of common stock.

Summary

• Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer of Miami International Holdings, Inc. (MIAX), reported a transaction on May 4, 2026.
• This transaction involved the acquisition of 48,000 shares of common stock at a price of $12 per share, executed under a Rule 10b5-1 trading plan.
• Concurrently, 48,000 shares were disposed of at a weighted average price of $47.25 per share, with prices ranging from $46.80 to $47.71.
• Following these transactions, Schafer beneficially owns 396,681 shares of common stock.
• The options related to the acquired shares are fully vested.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a neutral to slightly negative filing due to the significant sale of shares by a key executive, despite being executed under a pre-planned 10b5-1 trading plan.

Positives

• The transaction was executed under a pre-established Rule 10b5-1 trading plan, indicating a planned and systematic approach to stock transactions.
• The acquisition of shares at a lower price ($12) under the plan could be seen as a strategic move by the executive.
• The executive still beneficially owns a significant number of shares (396,681) after the disposition.

Negatives

• A substantial number of shares (48,000) were sold by a key executive.
• The sale price ($47.25 weighted average) is significantly higher than the acquisition price ($12) under the plan, indicating a profitable sale for the executive.

Risks

• While executed under a 10b5-1 plan, significant insider selling can sometimes be interpreted negatively by the market, potentially impacting share price.
• The filing does not provide specific reasons for the sale, leaving room for speculation.

Future Outlook

The filing does not contain forward-looking statements or guidance. It solely reports on past transactions.

Management Comments

• The transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the Reporting Person on December 16, 2025.
• The reporting person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

Industry Context

StockSavvy.ai notes that insider selling, even under a Rule 10b5-1 plan, is a common event in the financial services sector. The significance often lies in the volume of shares sold relative to the insider's total holdings and the company's overall trading volume.

Stakeholder Impact

• Shareholders: May view the sale by a senior executive with some concern, although the Rule 10b5-1 plan mitigates concerns about insider trading based on non-public information.
• Employees: May interpret the sale as a signal from management, potentially affecting morale.
• Creditors: Unlikely to be directly impacted by this specific transaction.

Next Steps

• The reporting person may be required to provide further details on the transaction upon request from regulatory bodies, the issuer, or security holders.

Key Dates

Recommendation

The sale was executed under a Rule 10b5-1 plan, which suggests it was pre-arranged and not necessarily a reflection of current negative sentiment. However, the significant volume of shares sold by a high-ranking executive warrants a cautious 'hold' stance until further information or market reaction is observed. The executive retains a substantial beneficial ownership, which is a mitigating factor.

Keywords

Form 4, Insider Trading, Miami International Holdings, MIAX, Rule 10b5-1, Stock Sale, EVP, CIO, Beneficial Ownership, Stock Options