Miami Stock Split: Bureaucrats Busy with Basic Share Shuffle
Published Date: 7/18/2025
Notice
Summary
Miami International Holdings, the parent company of the Miami International Securities Exchange, is making a change to its official company papers to do a reverse stock split. This means they’ll reduce the number of shares but increase the value of each share. The change is effective immediately and mainly affects shareholders, with no direct cost impact announced.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Authorized Shares Unchanged — Future Issuances Possible
The Corporation will not change the number of shares it is authorized to issue (625,000,000 authorized shares: 400,000,000 Voting Common; 200,000,000 Nonvoting Common; 25,000,000 Preferred). Because authorized shares remain the same, the Corporation could issue more capital stock after the Reverse Stock Split without seeking additional authorizations, which could impact current shareholders' holdings relative to shares outstanding.
2-for-1 Reverse Stock Split
Miami International Holdings will perform a 2-for-1 reverse stock split: each two (2) shares of Common Stock, Nonvoting Common Stock, and Series B Preferred Stock outstanding immediately prior to the Effective Time will be combined into one (1) share. This change reduces the number of shares you hold but does not change the authorized number of shares or the $0.001 par value per share.
Fractional Shares Rounded Up
No fractional shares will be issued in the Reverse Stock Split. Any fractional share that would otherwise result from the 2-for-1 combination will be rounded up to the nearest whole share, and equity incentive awards will be adjusted according to their plan terms.
Ownership and Voting Limits Remain
The New Certificate of Incorporation will retain existing ownership and voting limitations: no person may own more than 40% of any class of capital stock (with special 20% limits for Exchange Members) and no person may vote more than 20% of the voting power, subject to specified exceptions and Board waivers filed with the Commission.
Rule Change Operative Upon Filing
The Exchange filed the proposed rule change on July 10, 2025, and the Commission waived the 30-day operative delay, designating the proposal operative upon filing. The Reverse Stock Split will be effected at the Effective Time when the amended certificate is filed with the State of Delaware.
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