Form 4: Shelly Brown Sells MIAX Stock Under 10b5-1 Plan

Shelly Brown, EVP, Chief Strategy Officer of Miami International Holdings, Inc. (MIAX), reported the sale of 16,000 shares of common stock for $47.28 per share, executed under a Rule 10b5-1 trading plan.

Summary

• Shelly Brown, an officer of Miami International Holdings, Inc. (MIAX), reported a transaction on May 4, 2026.
• The transaction involved the sale of 16,000 shares of common stock at a weighted average price of $47.28 per share.
• This sale was conducted as part of a pre-established Rule 10b5-1 trading plan adopted on December 22, 2025.
• Following the sale, Brown beneficially owns 325,047 shares of common stock.
• Additionally, options to acquire 16,000 shares of common stock at an exercise price of $12 were exercised, with these options being fully vested.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it reports a standard transaction executed under a pre-defined plan, without indicating new strategic information or significant shifts in the company's financial health.

Positives

• The transaction was executed under a Rule 10b5-1 plan, indicating pre-planned and potentially non-insider trading related activity.
• The exercise of stock options at a $12 strike price and subsequent sale at a higher market price ($47.28 weighted average) suggests a profitable transaction for the reporting person.

Negatives

• A significant number of shares (16,000) were sold by a key executive.
• The sale represents a reduction in direct beneficial ownership by a high-ranking officer.

Risks

• Potential for negative market perception due to a significant stock sale by an executive.
• The weighted average sale price of $47.28 is lower than the exercise price of some options, though the overall transaction appears profitable.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing, which solely reports past transactions.

Industry Context

StockSavvy.ai notes that Form 4 filings are routine disclosures for public company executives and directors, detailing changes in their beneficial ownership. The use of a Rule 10b5-1 plan is a common practice to facilitate stock sales while adhering to insider trading regulations, suggesting a structured approach to personal financial management by the executive.

Stakeholder Impact

• Shareholders: The sale of shares by an executive may be perceived negatively, although the use of a 10b5-1 plan mitigates concerns about insider trading.
• Employees: No direct impact mentioned.
• Creditors: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Customers: No direct impact mentioned.

Next Steps

• The reporting person will continue to hold the remaining 325,047 shares of common stock.
• The reporting person may continue to execute trades under the existing Rule 10b5-1 plan if applicable.

Key Dates

Keywords

Form 4, SEC Filing, Insider Trading, Stock Sale, Rule 10b5-1, Miami International Holdings, MIAX, Shelly Brown, Stock Options, Beneficial Ownership