Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 120

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 120
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holder, the                                                                                                                                           
 interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the 
 interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the       
 plan will be tendered in a tender or exchange offer; or                                                                                                                                                                                               |

| • |     | on or after such date, the business combination is approved by the board of directors and authorized at an annual                                                                                
 or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. |

In general, Section 203 defines business combinations to include the following:

| • |     | any merger or consolidation involving the corporation and the interested stockholder; |

| • |     | any sale, lease, transfer, pledge or other disposition of 10% or more of the assets of the corporation to or with 
 the interested stockholder;                                                                                       |

| • |     | subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any 
 stock of the corporation to the interested stockholder;                                                           |

| • |     | any transaction involving the corporation that has the effect of increasing the proportionate share of the stock 
 or any class or series of the corporation beneficially owned by the interested stockholder; or                   |

| • |     | the receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other 
 financial benefits by or through the corporation.                                                            |

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DESCRIPTION OF DEPOSITARY SHARES

General

We may, at our option, elect to
offer fractional shares of preferred stock through the issuance of depositary shares, rather than full shares of preferred stock. If we do, we will issue to the public receipts, called “depositary receipts,” for depositary shares, each of
which will represent a fraction, to be described in the applicable prospectus supplement, of a share of a particular series of preferred stock. Unless otherwise provided in the prospectus supplement, each owner of a depositary share will be
entitled, in proportion to the applicable fractional interest in a share of preferred stock represented by the depositary share