Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 36

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 36
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 cannot issue dividend senior stock or liquidation senior stock without the consent of holders of at least a majority of the combined outstanding voting power of the perpetual strife preferred stock and any voting parity stockholders. As of March 31, 2025, excluding intercompany indebtedness, we had approximately $8.22 billion in aggregate principal amount of consolidated indebtedness outstanding, all of which rank senior to the perpetual strife preferred stock, and no dividend parity stock or liquidation parity stock outstanding. S-28

Regular Dividends

Generally

The perpetual strife
preferred stock accumulates cumulative dividends (which we refer to as “regular dividends”) at a rate per annum equal to 10.00% (such rate per annum, the “regular dividend rate”) on the “stated amount” (as defined below
under the caption “—Definitions”) thereof (and, to the extent described in the third immediately following paragraph, on unpaid regular dividends), regardless of whether or not declared or funds are legally available for their
payment. Subject to the other provisions described below, such regular dividends will be payable when, as and if declared by our “board of directors” (as defined below under the caption “—Definitions”), out of funds legally
available for their payment to the extent paid in cash, quarterly in arrears on each “regular dividend payment date” (as defined below under the caption “—Definitions”) to the preferred stockholders of record as of the close
of business on the “regular record date” (as defined below under the caption “—Definitions”) immediately preceding the applicable regular dividend payment date. For the avoidance of doubt, a holder of any shares of perpetual
strife preferred stock that are issued in this offering after 5:00 p.m., New York City time, on a regular record date relating to a declared regular dividend on the perpetual strife preferred stock will not be entitled to receive that regular
dividend.

Regular dividends on the perpetual strife preferred stock will accumulate from, and including, the last date to which regular dividends have
been paid (or, if no regular dividends have been paid, from, and including, March 25, 2025 (the first date the perpetual strife preferred stock was issued)) to, but excluding, the next regular dividend payment date. For the avoidance of doubt,
if a dividend is declared with respect to outstanding perpetual strife preferred stock, any perpetual strife preferred stock offered and sold hereby, and issued at or before 5:00 p.m., New York City time,