Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 17

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 17
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 stock, it is junior to our STRK Stock, our STRF Stock, our existing and future indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other class or series of preferred stock then outstanding. If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then our assets will be available to distribute to our equity holders, including holders of the STRD Stock, only if all of our then-outstanding indebtedness is first paid in full. The remaining assets, if any, would then be allocated among the holders of our equity securities in accordance with their respective liquidation rights. Since our STRK Stock and our STRF Stock is liquidation senior stock, we would be required to pay the amounts due upon such liquidation senior stock in full before making any payments on the STRD Stock. If we issue any additional liquidation senior stock in the future, then we would also be required to pay the amounts due upon such additional liquidation senior stock in full before making any payments on the STRD Stock. If any assets remain after any liquidation senior stock is paid in full, those assets will be distributed pro rata among holders of the STRD Stock and any other liquidation parity stock then outstanding. There may be insufficient remaining assets available to pay the liquidation preference and any declared and unpaid dividends, if any, that have accrued on the STRD Stock. As of June 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding. Additionally, as of June 30, 2025, there were 12,201,367 shares of STRK Stock outstanding, 10,066,750 shares of STRF Stock outstanding, and no dividend parity stock or liquidation parity stock outstanding. Our indebtedness, STRF Stock and STRK Stock rank senior to the STRD Stock. As of June 30, 2025, there were 261,318,341 shares of class A common stock outstanding and 19,640,250 shares of class B common stock outstanding, all of which rank junior to the STRD Stock. In addition, our subsidiaries have no obligation to pay any amounts on the STRD Stock. If any of our subsidiaries liquidates, dissolves or winds up, whether voluntarily or involuntarily, then we, as a direct or indirect common equity owner of that subsidiary, will be subject to the prior claims of that subsidiary’s creditors