Dec. 10 at 3:03 PM
Miami International Holdings said that certain shareholders plan to sell 6.75 million shares in a secondary public offering. The sale consists entirely of secondary stock, including shares issued upon warrant exercises, and MIAX will not receive any proceeds. Underwriters will have a 30-day option to purchase up to 1,012,500 additional shares, bringing the total offering size to about 7.76 million shares.
J.P. Morgan, Morgan Stanley and Piper Sandler are serving as joint book-running managers, alongside Raymond James, Rosenblatt, William Blair and Keefe, Bruyette & Woods. MIAX, which operates regulated markets across multiple asset classes, did not disclose the offering price. The stock decline following the announcement reflects the typical market reaction to secondary offerings, which often raise dilution concerns.
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