Company: MSTR
Filing Date: 2025-07-07
Form Type: 8-K
Source: 0001193125-25-155918
Chunk: 0

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 8-K
Item: Item 5.03
Chunk 0
---
Item 5.03.      Amendments to Articles of Incorporation or Bylaws.  

On July 7, 2025, MicroStrategy Incorporated®d/b/a Strategy™(“ Strategy” or the “ Company”) filed a Certificate of Amendment (the “ STRK Certificate of Amendment”) with the Secretary of State of the State of Delaware to the STRK Certificate of Designations (the “ STRK Certificate of Designations”), which was originally filed on February 5, 2025, and which established the terms of its 8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share (the “ STRK Stock”). As described further below, the STRK Certificate of Amendment amends certain terms of the STRK Stock so that, among other conforming changes, the liquidation preference per share of the STRK Stock will generally approximate its trading price with a floor of $100.

As a result of the filing of the STRK Certificate of Amendment, STRK Stock has a liquidation preference (“ Liquidation Preference”) that is initially $100 per share; provided, however, that, effective immediately after the close of business on each business day on or after July 7, 2025 (and, on or after July 7, 2025, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of STRK Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the Liquidation Preference per share of STRK Stock will be adjusted to be the greatest of (i) the stated amount of $100 per share of STRK Stock (the “ Stated Amount”); (ii) in the case of any business day on or after July 7, 2025 with respect to which Strategy has, on such business day or any business day during the ten trading day period preceding such business day, executed any sale transaction to be settled by the issuance of STRK Stock, an amount equal to the Last Reported Sale Price (as defined in the STRK Certificate of Designations) per share of STRK Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the Last Reported Sale Prices per share of STRK Stock for each trading day of the ten consecutive trading days immediately preceding such business day; providedthat, for purposes of the definition of Liquidation Preference, the execution of the STRK Certificate of