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 16,434 shares of common stock under a pre-established Rule 10b5-1 trading plan.

Summary

• Shelly Brown, EVP, Chief Strategy Officer of Miami International Holdings, Inc. (MIAX), executed a transaction on April 8, 2026.
• This transaction involved the sale of 16,434 shares of common stock.
• The sale was conducted under a Rule 10b5-1 trading plan established on December 22, 2025.
• The weighted average sale price for these shares was $42.08, with individual trades ranging from $42.00 to $42.26.
• Following this transaction, Brown beneficially owns 325,047 shares of common stock.
• Additionally, Brown holds 48,000 vested non-qualified stock options.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. While a significant number of shares were sold by an executive, the use of a Rule 10b5-1 plan mitigates concerns about insider trading, making it a routine disclosure.

Positives

• The transaction was executed under a Rule 10b5-1 plan, indicating pre-planned and potentially non-insider trading activity.
• The stock options held by Shelly Brown are fully vested, suggesting a strong incentive alignment.

Negatives

• A significant number of shares (16,434) were sold by a key executive.
• The sale occurred at a weighted average price of $42.08 per share.

Risks

• Potential for negative market perception due to a significant share sale by a high-ranking executive, even if conducted under a 10b5-1 plan.
• The weighted average sale price of $42.08 per share may be viewed as a signal if it is below recent trading highs or perceived intrinsic value.

Future Outlook

The filing does not contain forward-looking statements or guidance. It reports on a completed transaction.

Management Comments

• The transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the reporting person on December 22, 2025.
• The transaction was executed in multiple trades throughout the day at prices ranging from $42.00 to $42.26. The price reported above reflects the weighted average sale price.
• 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.
• The options are fully vested.

Industry Context

StockSavvy.ai notes that Form 4 filings are routine disclosures for executives and directors, and the use of a Rule 10b5-1 plan is a standard mechanism for managing stock sales to avoid insider trading concerns. The volume and price of the sale are key indicators for market participants.

Stakeholder Impact

• Shareholders: May interpret the sale as a signal, though mitigated by the 10b5-1 plan. The sale reduces the executive's direct stake in the company.
• Employees: May view the sale as a sign of confidence or lack thereof from management, depending on broader company performance.
• Creditors: Unlikely to be directly impacted by this transaction.

Next Steps

• The reporting person will provide further information upon request regarding the transaction details.
• Continued monitoring of Shelly Brown's beneficial ownership and any future transactions.

Key Dates

Keywords

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