Form 4: MIAX Officer Sells Shares Under 10b5-1 Plan

Shelly Brown, EVP and Chief Strategy Officer of Miami International Holdings, Inc., sold 25,932 shares of common stock at a weighted average price of $39.33 per share.

Summary

• Shelly Brown, Executive Vice President and Chief Strategy Officer of Miami International Holdings, Inc. (MIAX), sold 25,932 shares of the company's common stock.
• The transaction occurred on March 23, 2026, at a weighted average sale price of $39.33 per share, with individual trades ranging from $38.98 to $39.80.
• This sale was executed pursuant to a pre-established Rule 10b5-1 Plan, which Ms. Brown adopted on December 22, 2025.
• Following this transaction, Ms. Brown beneficially owns 299,197 shares of Miami International Holdings, Inc. common stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. While an insider sale reduces direct insider ownership, the execution under a Rule 10b5-1 plan suggests a pre-determined financial planning decision rather than a reaction to new company-specific information.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing, as it primarily reports an insider transaction.

Industry Context

StockSavvy.ai notes that insider sales, even when pre-planned under a Rule 10b5-1 plan, are routinely monitored by investors for insights into management's perception of future company performance. While the plan indicates a pre-scheduled sale, the market will still observe the volume and frequency of such transactions across the executive team.

Comparison to Industry Standards

• Insider sales are common across all industries. Without specific context on Ms. Brown's overall compensation structure or the company's stock performance relative to peers like Cboe Global Markets (CBOE) or Nasdaq (NDAQ), it is difficult to draw direct comparisons.
• However, the use of a 10b5-1 plan aligns with best practices for executives managing their equity holdings transparently, reducing the perception that the sale is based on undisclosed material information.

Related Party Transactions

• The sale of common stock by Shelly Brown, an Executive Vice President and Chief Strategy Officer, constitutes a related party transaction as it involves an insider of the company.

Stakeholder Impact

• Shareholders may observe a slight reduction in insider ownership, which could be interpreted in various ways depending on individual investment philosophies.
• Employees are unlikely to be directly impacted by this specific transaction.

Key Dates

Recommendation

This Form 4 reports a routine insider sale executed under a pre-established 10b5-1 plan. Such transactions are typically for personal financial planning and do not inherently signal a change in the company's fundamental outlook or warrant a change in investment recommendation based solely on this filing. Investors should continue to hold and monitor broader company performance and market conditions.

Keywords

Miami International Holdings, MIAX, Shelly Brown, Insider Sale, Form 4, 10b5-1 Plan, Equity Transaction, Officer Stock Sale