PRINCETON, N.J., Dec. 20, 2017 /PRNewswire/ -- Miami International Holdings, Inc. (MIH), a New Jersey-based technology company and exchange holding company of two U.S. options exchanges, MIAX Options and MIAX PEARL, today announced that it received over $7.5 million in funding as a result of its participation in the New Jersey Economic Development Authority's (NJEDA) Technology Business Tax Certificate Transfer Program (the Program). Under the Program administered by the NJEDA and the New Jersey Department of the Treasury's Division of Taxation, eligible companies are able to sell unused New Jersey net operating losses (NOLs) and research and development tax credits to qualified third-party buyers.
"Participating in the Program created an excellent opportunity for us to receive over $7.5 million in non-dilutive funding through the sale of our NOLs," said Thomas P. Gallagher, Chairman and CEO of MIH. "This funding enables us to pursue new business initiatives and continue to expand our presence in New Jersey. In fact, as part of our commitment to expanding our presence, I am pleased to report that we recently entered into a long-term lease for MIH's New Jersey-based headquarters in Princeton for a total of over 56,000 square feet and also received approximately $2.5 million in incentives from our landlord as part of the transaction."
Timothy Lizura, President and COO of the NJEDA, commented, "The NJEDA is pleased to have Miami International Holdings, Inc., the parent company of the MIAX Exchange Group, participate in the Program. We wish MIH continued success as it moves forward with bringing additional exchange venues and added employment to New Jersey."
Continued Gallagher, "It is great to see the State of New Jersey supporting and incentivizing New Jersey-based technology and biotechnology companies as they grow, and we would like to thank the NJEDA for being selected as a Program participant. We would also like to thank our advisor KB Financial Advisory Partners, LLC for its assistance throughout the entire application, approval and sale process."
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About MIH and the MIAX Exchange Group
Miami International Holdings, Inc. (MIH) is the parent holding company of Miami International Securities Exchange, LLC (MIAX Options) and MIAX PEARL, LLC (MIAX PEARL and together with MIAX Options, the MIAX Exchange Group), two fully electronic options trading exchanges.
MIAX Options currently lists and trades options on over 2,700 multi-listed classes. MIAX Options' unparalleled system throughput is approximately 38 million quotes per second. The average latency for a single quote on MIAX Options is approximately 16.49 microseconds for a full round trip. At the 99th and 99.9th percentiles, the latency on MIAX Options is approximately 23.71 and 43.68 microseconds, respectively.
MIAX PEARL launched trading operations on February 6, 2017 and currently lists and trades options on over 2,700 multi-listed classes. The average latency for a single order on MIAX PEARL is approximately 24.19 microseconds for a round trip. At the 99th and 99.9th percentiles, the latency on MIAX PEARL is approximately 26.89 and 48.24 microseconds, respectively.
The MIAX Exchange Group has assembled a team with deep rooted experience in developing, operating and trading on options exchanges, and its trading platforms have been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. MIAX Options and MIAX PEARL leverage the MIAX Exchange Group's industry leading technology and infrastructure to provide their member firms with both traditional (MIAX Options) and maker-taker (MIAX PEARL) pricing structures. The MIAX Exchange Group's executive offices and National Operations Center are located in Princeton, N.J. The MIAX Exchange Group also maintains a Miami Operations Center in Miami, Fla., which contains the Miami Annual Meeting and Conference Center and the offices of Miami International Technologies, LLC (MIAX Technologies) and MIAX Global, LLC (MIAX Global).
In addition to MIAX Options and MIAX PEARL, MIH is the parent holding company of MIAX Technologies and MIAX Global. MIAX Technologies is MIH's technology subsidiary for the sale and/or license of the trading technology developed by the MIAX Exchange Group. MIAX Global focuses on merger, acquisition and joint venture activities of MIH. MIAX Global also provides technology and other services outside of North America, with its initial concentration being on Europe and Latin America.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of MIH, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the plans, objectives, expectations and intentions and other statements that are not historical or current facts of MIH, together with its subsidiaries, including MIAX Options (collectively, the Company). Forward-looking statements include, but are not limited to, statements about the possible or assumed future results of operations of the Company; the competitive position of the Company; potential growth opportunities available to the Company; the expectation with respect to securities, options and future markets and general economic conditions; the effects of competition on the Company's business; and the impact of future legislation and regulatory changes on the Company's business. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.
SOURCE Miami International Holdings, Inc.