Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 84

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 84
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 and the last ask price per share of our class A common
stock or STRK Stock, as applicable, on such trading day from a nationally recognized independent investment banking firm we select, which may be any of the Agents (or, if no such last bid price or last ask price is available, the fair value of one
share of our class A common stock or STRK Stock, as applicable, on such trading day determined by a nationally recognized independent investment banking firm we select, which may be any of the Agents). However, if the STRK Stock is not so quoted on
such trading day, then, in lieu of the calculation referred to in the preceding sentence, the last reported sale price per share of STRK Stock on such trading day will be the product of (a) the conversion rate in effect immediately before the
close of business on such trading day; and (b) the last reported sale price per share of our class A common stock on such trading day (or, if such day is not a trading day with respect to our class A common stock, the immediately preceding
trading day with respect to our class A common stock); provided, however, that if, on such trading day, our class A common stock is not so listed or quoted, and we are unable to obtain a last reported sale price for our class A common
stock pursuant to the provision described in the immediately preceding sentence, then the last reported sale price per share of STRK Stock on such trading day will instead be the last reported sale price per share of STRK Stock on the immediately
preceding trading day.

“Liquidation junior stock” means any class or series of our stock whose terms do not expressly provide that such class
or series will rank senior to, or equally with, the STRK Stock with respect to the distribution of assets upon our liquidation, dissolution or winding up. Liquidation junior stock includes our class A common stock, our class B common stock and our
STRD Stock. For the avoidance of doubt, liquidation junior stock will not include any securities of our subsidiaries.

“Liquidation parity
stock” means any class or series of our stock (other than the STRK Stock) whose terms expressly provide that such class or series will rank equally with the STRK Stock with respect to the distribution of assets upon our liquidation,
dissolution or winding up. For the avoidance of doubt, liquidation parity stock will not include any securities of our subsidiaries.

“Liquidation
preference” means, as of