Pearl's Parent Plays Share Consolidation Card Again
Published Date: 7/18/2025
Notice
Summary
MIAX PEARL’s parent company, Miami International Holdings, is changing its official paperwork to do a reverse stock split, which means combining shares to reduce the total number. This affects shareholders by changing how many shares they own but not the total value. The change took effect right after filing on July 10, 2025, with no immediate money impact but a cleaner stock structure going forward.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Authorized Shares Left Unchanged — Possible Dilution
The Corporation did not change the number of authorized shares when it effected the reverse split, so after the 2-for-1 combination it could issue additional capital stock without seeking new authorizations. That could change current shareholders’ holdings relative to newly issued shares after July 10, 2025.
2-for-1 Reverse Stock Split
If you own stock in Miami International Holdings, each two (2) shares you held immediately before the Effective Time were combined into one (1) share (a 2-for-1 reverse stock split) effective upon filing on July 10, 2025. The par value per share stayed at $0.001 and the total authorized number of shares did not change, so your proportionate economic interest did not change at the time of the split.
Fractional Shares Rounded Up
When the 2-for-1 reverse split was applied, the Corporation did not issue fractional shares. Any fractional share that would otherwise have been issued was rounded up to the nearest whole share. This rounding was applied automatically at the Effective Time on July 10, 2025.
Equity Awards Adjusted per Plan Terms
Outstanding awards under the Corporation's equity incentive plans will be adjusted in accordance with the terms of those plans to reflect the 2-for-1 reverse split that took effect on July 10, 2025. Certificates previously representing pre-split shares will represent the adjusted post-split share amounts.
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Previous / Next Documents
Previous: 2025-13477, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Certificate of Incorporation of the Exchange's Ultimate Parent Company, Miami International Holdings, Inc.
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.
Next: 2025-13479, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Certificate of Incorporation of the Exchange's Ultimate Parent Company, Miami International Holdings, Inc.
Miami International Holdings, Inc., the parent company of MIAX Emerald, is making a change to its official company papers to do a reverse stock split. This means they’re combining shares to reduce the total number but increase the value of each share. This change is effective immediately and mainly affects shareholders, with no direct cost impact announced.