Form 4: MIAX Executive Converts Shares, Holds Vested Options

Edward Deitzel, EVP, CRO, and CCO of MIAX Exchanges, converted preferred and nonvoting common stock and holds various vested stock options for Miami International Holdings, Inc.

Summary

• Edward Deitzel, Executive Vice President, Chief Risk Officer, and Chief Compliance Officer of MIAX Exchanges, reported changes in his beneficial ownership of Miami International Holdings, Inc. (MIAX) securities.
• On August 15, 2025, Deitzel acquired 49,694 shares of Common Stock through the conversion of 500 shares of Series B Preferred Stock and 49,194 shares of Nonvoting Common Stock.
• Following these conversions, his direct beneficial ownership of Common Stock increased to 81,887 shares.
• Additionally, various Incentive Stock Options and Nonqualified Stock Options, previously exercisable for Nonvoting Common Stock or Series B Preferred Stock, were re-classified to be exercisable for Common Stock upon the company's initial public offering (IPO).
• All these options are fully vested and allow Deitzel to purchase a total of 362,499 shares of Common Stock at exercise prices ranging from $12.00 to $16.14.
• The expiration dates for these options range from September 2025 to September 2031.

Sentiment

Score: 6

Explanation: The filing reports routine insider transactions, including conversions and holding of vested options. This is generally viewed as neutral to slightly positive, as it indicates an executive's continued equity interest and alignment with shareholders, without revealing new operational or financial performance data.

Positives

• Increased direct beneficial ownership of Common Stock by a key executive, Edward Deitzel, to 81,887 shares, signaling alignment with shareholder interests.
• The conversion of preferred and nonvoting common stock into common stock simplifies the capital structure for these specific holdings.
• Executive holds a substantial number of fully vested stock options (362,499 shares) to acquire common stock, indicating long-term incentive and potential for future share accumulation.

Future Outlook

The filing does not provide forward-looking statements or guidance regarding the company's future performance, but it indicates a significant long-term equity incentive for a key executive through vested stock options.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, common for publicly traded companies. It reflects an executive's equity movements, which are standard practice following corporate events like an IPO and as part of compensation packages in the financial services industry, particularly for exchange operators like MIAX.

Stakeholder Impact

• Shareholders: Increased direct common stock ownership by a key executive may be viewed positively, signaling confidence in the company's future. The existence of substantial vested options also aligns executive incentives with long-term shareholder value.
• Employees: The executive's equity holdings and options are part of a compensation structure designed to retain and incentivize key personnel.

Next Steps

• Edward Deitzel may choose to exercise his remaining 362,499 stock options prior to their respective expiration dates, which range from September 2025 to September 2031.

Key Dates

Keywords

Miami International Holdings, MIAX, Edward Deitzel, Insider Trading, Form 4, Stock Options, Common Stock Conversion, Executive Compensation, Equity Ownership