Brown Shelly 4

What Happened Shelly Brown, Executive Vice President and Chief Strategy Officer of MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX), sold 25,932 shares in an open-market transaction on March 23, 2026. The weighted-average sale price was $39.33 per share (range $38.98–$39.80 across multiple trades), producing gross proceeds of approximately $1,019,906. This was a sale (routine disposition) executed under a previously established Rule 10b5-1 trading plan.

Key Details

• Transaction date: 2026-03-23; filing date: 2026-03-24 (timely filing).
• Shares sold: 25,932; weighted-average price: $39.33; price range: $38.98–$39.80.
• Gross proceeds: ~$1,019,906.
• Shares owned after transaction: not reported in the Form 4 provided.
• Footnotes: (F1) Sale was effected under a Rule 10b5-1 plan adopted Dec 22, 2025. (F2) Executed in multiple trades; the filer can provide per-trade counts/prices on request.
• Transaction code: S = Sale.

Context Sales made pursuant to a Rule 10b5-1 plan are typically pre-scheduled and often routine, and therefore may not indicate a change in the insider’s view of the company. For retail investors, purchases generally carry more informational weight than routine sales; this filing documents a planned disposition rather than an opportunistic open-market buy.