Miami Holdings Executes Reverse Stock Split for Cleaner Shares
Published Date: 7/18/2025
Notice
Summary
MIAX Sapphire’s parent company, Miami International Holdings, is doing a reverse stock split to change how its shares are counted. This update affects shareholders by reducing the number of shares but increasing their value, with no immediate money loss. The change took effect right after filing on July 10, 2025, so things are moving fast!
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Authorized Shares Stay the Same (Dilution Risk)
The corporation is not changing the number of shares it is authorized to issue, so after the reverse split it could issue additional capital stock without seeking new authorizations. That could affect current shareholders' holdings relative to the number of shares outstanding.
Two-for-One Reverse Stock Split
Miami International Holdings will combine every two (2) outstanding shares of Voting Common Stock, Nonvoting Common Stock, and Series B Preferred Stock into one (1) share (a 2-for-1 reverse stock split). The par value per share remains $0.001 and the corporation is not changing the number of authorized shares.
Fractional Shares Rounded Up
No fractional shares will be issued from the reverse split; any fractional share that would result will be rounded up to the nearest whole share. The company will also adjust outstanding awards under its equity incentive plans according to plan terms.
Ownership and Voting Caps Remain
The existing ownership and voting limits will continue in the New Certificate of Incorporation: no person may own more than forty percent (40%) of any class of capital stock, no Exchange Member may own more than twenty percent (20%) of any class, and no person may vote more than twenty percent (20%) of the voting power.
Change Effective Immediately upon Filing
The Commission waived the usual 30-day operative delay and the New Certificate of Incorporation (including the reverse stock split) became operative upon filing on July 10, 2025. The Commission may still suspend the rule change within 60 days of the filing.
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