Shelly Brown 10b5-1 sale: 25,932 MIAX shares (MIAX)

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a Form 144 reporting a sale of 25,932 shares of Common Stock by Shelly Brown pursuant to a 10b5-1 plan on 03/23/2026, generating $1,019,979.58 in proceeds. The filing lists 91,651,482 shares outstanding as of 04/06/2026.

Insights

Equity Markets Analyst

Routine Rule 144 sale under a 10b5-1 plan; scale is modest relative to outstanding shares.

The filing documents a 10b5-1 disposition of 25,932 shares for $1,019,979.58 on 03/23/2026. The reported shares outstanding were 91,651,482 as of 04/06/2026, providing context for proportionality.

Impact depends on subsequent filings and holder activity; the transaction is a routine liquidity event rather than a disclosed material corporate development.

Key Figures

Shares sold: 25,932 shares Proceeds: $1,019,979.58 Shares outstanding: 91,651,482 shares +2 more

5 metrics

Shares sold 25,932 shares sale date 03/23/2026

Proceeds $1,019,979.58 proceeds from 03/23/2026 sale

Shares outstanding 91,651,482 shares as of 04/06/2026

Transaction mechanism 10b5-1 plan sale executed pursuant to 10b5-1

Restricted stock awards date 03/29/2026 listed in securities to be sold

Key Terms

10b5-1, Restricted Stock Awards, Form 144

3 terms

10b5-1 regulatory

"10b5-1 Sales for SHELLY BROWN 7 Roszel Road"

A 10b5-1 plan is a pre-set schedule that lets company insiders buy or sell shares according to written instructions made when they do not possess material, nonpublic information. Think of it as a timed automatic payment for stock trades: it helps insiders avoid accusations of trading on secret information and gives outside investors a clearer signal about whether sales are routine or potentially informative about the company’s prospects.

Restricted Stock Awards financial

"Restricted Stock Awards | Issuer | 03/29/2026"

Restricted stock awards are company shares given to employees or executives that cannot be sold or transferred until certain conditions — like staying with the company for a set time or meeting performance targets — are met, like a gift that is locked in a safe until rules are satisfied. Investors care because these awards tie management’s pay to company performance, can increase the number of shares outstanding when they become tradable (dilution), and may signal expected future selling pressure or commitment to long-term growth.

Form 144 regulatory

"Filer Information | 144: Filer Information"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	2357	94680.69	91651482	04/06/2026	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	03/29/2026	Restricted Stock Awards	Issuer			2357	03/29/2026	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for SHELLY BROWN 7 Roszel Road, Suite 1A Princeton NJ 08540	Common	03/23/2026	25932	1019979.58

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did the Form 144 for MIAX disclose?

It disclosed a sale of 25,932 MIAX shares by Shelly Brown under a 10b5-1 plan. The filing shows the sale occurred on 03/23/2026 and produced $1,019,979.58 in proceeds, with outstanding shares listed as 91,651,482 as of 04/06/2026.

Who executed the sale reported in the MIAX Form 144?

The sale was executed by Shelly Brown through a 10b5-1 plan. The Form 144 lists the broker address and identifies the transaction as a planned sale of restricted/common shares on 03/23/2026 resulting in reported proceeds of $1,019,979.58.

How large was the MIAX insider sale relative to shares outstanding?

The filing shows 25,932 shares sold versus 91,651,482 shares outstanding as of 04/06/2026. This places the reported sale at a small fraction of the outstanding share count, indicating limited dilution or market impact from this single transaction.

Was the MIAX sale described as 10b5-1 or another mechanism?

The Form 144 explicitly describes the transaction as a 10b5-1 sale. The filing also references Restricted Stock Awards dated 03/29/2026 in the securities-to-be-sold section, identifying the nature of the holding and the planned disposition mechanism.