4/A: MIAX Director Amends Filing, Details Warrant Exercise

An amended SEC Form 4 filing by Murray Stahl and Horizon Kinetics Asset Management LLC corrects previous share totals and details the cashless exercise of warrants for Miami International Holdings common stock.

Summary

• The filing is an amendment to a previous Form 4, correcting inadvertently included shares and adjusting share totals for Murray Stahl and Horizon Kinetics Asset Management LLC.
• Horizon Kinetics Asset Management LLC (HKAM) exercised warrants on March 2, 2026, to acquire a total of 112,656 shares of Miami International Holdings common stock.
• The warrant exercises were executed at prices of $15 per share for 21,290 shares and $20.5 per share for 91,366 shares.
• The exercise was conducted on a cashless basis, leading to the Issuer withholding 53,578 shares at a price of $40.92 per share to cover the exercise cost.
• As a result of the cashless exercise, HKAM ultimately received 59,078 shares (112,656 acquired minus 53,578 withheld).
• Following these transactions, HKAM's indirect beneficial ownership of common stock stands at 4,619,442 shares.
• Murray Stahl directly holds fully vested options for a total of 34,331 shares of Miami International Holdings Inc. common stock, with various exercise prices and expiration dates.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as moderately positive due to the clarification of previous errors and the exercise of warrants, which converts potential equity into actual equity, though the cashless exercise involves a disposition of shares.

Positives

• The amendment provides increased transparency by correcting previous reporting errors and clarifying beneficial ownership totals.
• The exercise of warrants by a significant shareholder (Horizon Kinetics Asset Management LLC) converts potential equity into actual equity, which can be interpreted as a sign of confidence in the company's future prospects.

Negatives

• The cashless exercise mechanism involved the effective disposition of 53,578 shares at $40.92 to cover the exercise price, reducing the net shares received by Horizon Kinetics Asset Management LLC.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that Form 4/A filings are specific to insider trading disclosures and do not typically provide broader industry context. These transactions reflect specific equity management decisions by a director and significant shareholder within Miami International Holdings, Inc.

Related Party Transactions

• Horizon Kinetics Asset Management LLC, a 10% owner, exercised warrants and is associated with Murray Stahl, a Director and 10% owner, making these transactions related party dealings.

Stakeholder Impact

• Shareholders: The clarification of beneficial ownership provides greater transparency regarding significant holdings. The exercise of warrants by a major shareholder could be interpreted as a sign of confidence in the company's future value, although the cashless exercise method means some shares were effectively sold to cover costs.

Key Dates

Recommendation

The filing primarily provides a correction and details of warrant exercises by a significant insider. While the exercise of warrants can be seen as a positive signal of confidence, the cashless nature of the transaction also involved a disposition of shares. Without further context on the company's performance or strategic direction, these insider transactions alone do not warrant a strong buy or sell recommendation, suggesting a 'hold' position for existing investors to await more comprehensive financial updates.

Keywords

MIAX, Miami International Holdings, Murray Stahl, Horizon Kinetics Asset Management, SEC Form 4/A, Insider Trading, Warrant Exercise, Stock Options, Beneficial Ownership, Equity Securities