Emerald Exchange Echoes Endless Equity Adjustment
Published Date: 7/18/2025
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 1 costs, 2 mixed.
Two-for-One Reverse Stock Split
Miami International Holdings is effecting a reverse stock split where each two (2) shares of Common Stock, Nonvoting Common Stock, and Series B Preferred Stock outstanding will be combined into one (1) share. The Reverse Stock Split is operative upon filing (filed July 10, 2025) and the par value per share will remain $0.001.
Authorized Shares Not Changed — Potential Dilution
The Corporation is not changing the number of shares it is authorized to issue; after the Reverse Stock Split it could issue more capital stock without amending the authorized amount, which the filing states could impact current shareholders' holdings in relation to the number of shares outstanding.
Fractional Shares Rounded Up
Any fractional shares that would otherwise result from the Reverse Stock Split will be rounded up to the nearest whole share. Outstanding awards under the Corporation's equity incentive plans will be adjusted in accordance with the terms of those plans.
Ownership and Voting Limits Retained
The New Certificate of Incorporation will retain ownership limits: no Person may own more than forty percent (40%) of any class of capital stock, Exchange Members (and their Related Persons) may not own more than twenty percent (20%) of any class of capital stock, and no Person may vote more than twenty percent (20%) of the voting power. A Person seeking to exceed limits must provide written notice at least forty-five (45) days (or shorter period with Board consent) before proposed ownership.
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Previous / Next Documents
Previous: 2025-13478 — Self-Regulatory Organizations; MIAX PEARL, 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.
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.
Next: 2025-13480 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Regarding Dedicated Cores
Cboe EDGX Exchange is updating its fee schedule to add charges for Dedicated Cores, which are special trading resources used by some market participants. This change affects traders using these Dedicated Cores and takes effect immediately, meaning they should expect new fees starting now. The update helps the Exchange cover costs and keep things running smoothly.