MIAX EVP Edward Deitzel Exercises Options, Sells 11,000 Shares

What Happened

• Edward Deitzel, EVP / CRO / CCO of MIAMI INTERNATIONAL HOLDINGS, exercised 11,000 fully vested stock options (strike $12.00) on Aug 4, 2026, paying $132,000 to acquire the shares. He then sold those 11,000 shares in an open-market transaction the same day for a weighted average price of $45.78, producing $503,580 in gross sale proceeds. Net difference (sale proceeds minus exercise cost) is roughly $371,580 before taxes and fees.
• The filing shows both the option exercise (transaction code M) and the subsequent sale (transaction code S). This sequence is typically a cashless exercise followed by an immediate sale — a routine liquidity event rather than an explicit bullish purchase.

Key Details

• Transaction date: 2026-08-04; Form 4 filed: 2026-08-06.
• Exercise: 11,000 options @ $12.00 = $132,000 outlay.
• Sale: 11,000 shares @ weighted avg $45.78 = $503,580 in proceeds. Reported sale prices ranged $45.11–$46.57 (per footnote).
• Options status: fully vested (footnote F3).
• Plan/authorization: Sale executed under a pre-established Rule 10b5-1 trading plan adopted Dec 30, 2025 (footnote F1).
• Shares owned after transaction: not specified in the provided filing.
• Timeliness: Form 4 was filed two days after the transactions; no late filing flag indicated.

Context

• Because the exercise and sale occurred the same day for the same number of shares, this functions as an effective cashless exercise and immediate disposition of the exercised shares. Such transactions are commonly executed to cover the exercise cost and taxes and do not necessarily signal a change in the insider’s view of the company.
• The use of a Rule 10b5-1 plan means the sell order was prearranged; the insider reported willingness to provide full trade-level details on request per the filing.