Horizon Kinetics (MIAX) uses cashless exercise for large warrant position
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
MIAMI INTERNATIONAL HOLDINGS, INC. insider activity centers on Horizon Kinetics Asset Management LLC (HKAM), a ten percent owner associated with director Murray Stahl. HKAM exercised warrants to purchase 341,522 shares of common stock at the exercise prices noted.
According to the disclosure, HKAM used a cashless exercise structure, with the issuer withholding 121,054 warrant shares to pay the exercise price and issuing 129,102 shares of common stock to HKAM. After these transactions, HKAM’s indirect common stock holdings stood at 4,689,466 shares. Separately, Mr. Stahl holds fully vested options as reported.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 121,054 shares ($4,953,530)
Net Sell
13 txns
Insider
STAHL MURRAY, HORIZON KINETICS ASSET MANAGEMENT LLC
Role
Director | 10% Owner
Sold
121,054 shs ($4.95M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| X | Warrant (right to buy) | 21,290 | $0.00 | -- |
| X | Warrant (right to buy) | 24,878 | $0.00 | -- |
| X | Warrant (right to buy) | 27,561 | $0.00 | -- |
| X | Warrant (right to buy) | 38,927 | $0.00 | -- |
| X | Warrant (right to buy) | 137,500 | $0.00 | -- |
| X | Common Stock | 21,290 | $15.00 | $319K |
| X | Common Stock | 91,366 | $20.50 | $1.87M |
| X | Common Stock | 137,500 | $20.00 | $2.75M |
| Sale | Common Stock | 121,054 | $40.92 | $4.95M |
| holding | Options | -- | -- | -- |
| holding | Options | -- | -- | -- |
| holding | Options | -- | -- | -- |
| holding | Options | -- | -- | -- |
Holdings After Transaction:
Warrant (right to buy) — 0 shares (Indirect, Horizon Kinetics Asset Management LLC);
Common Stock — 4,581,654 shares (Indirect, Horizon Kinetics Asset Management LLC);
Options — 7,500 shares (Direct)
Footnotes (1)
- Horizon Kinetics Asset Management LLC (HKAM) exercised warrants to purchase 341,522 shares of common stock at the exercise prices noted. HKAM paid the exercise price on a cashless basis, resulting in the Issuer withholding 121,054 of the warrant shares to pay the exercise price and issuing to HKAM the remaining 129,102 shares. The Options given to Mr. Stahl are fully vested.
FAQ
What did Horizon Kinetics Asset Management LLC do in this MIAX Form 4 filing?
Horizon Kinetics Asset Management LLC exercised warrants for 341,522 MIAX shares using a cashless structure. The issuer withheld some warrant shares for the exercise price and issued new common shares to HKAM, updating its indirect ownership position.
What is Horizon Kinetics Asset Management LLC’s MIAX common stock position after these transactions?
Following the reported transactions, Horizon Kinetics Asset Management LLC indirectly holds 4,689,466 shares of MIAX common stock. This figure reflects the net result of the cashless warrant exercise and related share issuances described in the Form 4 filing.
Did Murray Stahl personally buy or sell MIAX common stock in this Form 4?
The reported MIAX common stock activity is attributed to Horizon Kinetics Asset Management LLC, a ten percent owner. For Murray Stahl, the filing notes that his options are fully vested, but it does not show direct common stock purchases or sales by him.
Was the MIAX warrant exercise by Horizon Kinetics a cash transaction?
No, the warrant exercise was cashless. Horizon Kinetics Asset Management LLC exercised warrants, and the issuer withheld 121,054 warrant shares to pay the exercise price instead of taking cash, then issued 129,102 new common shares to HKAM.