Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 20

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 20
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 The perpetual strife preferred stock confers no voting rights except with respect to certain dividend arrearages, certain amendments to the terms of the perpetual strife preferred stock, and certain other limited circumstances described in this prospectus supplement and except as required by the Delaware General Corporation Law. Holding perpetual strife preferred stock does not confer the right to vote together with holders of our class A common stock on matters on which our class A common stockholders are entitled to vote. For example, holders of perpetual strife preferred stock, as such, do not have the right to vote in the general election of our directors, although those holders will have a limited right, voting together with holders of any voting parity stock if any, S-17

with similar voting rights regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, to elect one director upon the occurrence of a
“regular dividend non-payment event” (as defined below under the caption “Description of Perpetual Strife Preferred Stock—Definitions”). See “Description of Perpetual Strife
Preferred Stock—Voting Rights—Right to Designate up to Two Preferred Stock Directors Upon Regular Dividend Non-Payment Events.” However, because Michael J. Saylor, who beneficially owns the
majority of our class B common stock, controls a significant portion of our total voting power, the impact of any such election may be limited. Accordingly, the voting provisions of the perpetual strife preferred stock may not afford you with
meaningful protections for your investment.

Without the consent of any holder of our perpetual strife preferred stock, we may issue preferred stock in the future that ranks equally with the perpetual strife preferred stock with respect to dividends and liquidation rights, which may adversely affect the rights of preferred stockholders.

Without the consent of any holder of perpetual strife preferred stock, we may authorize and issue preferred stock (including additional perpetual strife
preferred stock) that ranks equally with the perpetual strife preferred stock with respect to the payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up. If we issue any such equally ranked preferred stock
in the future, the rights of holders of the perpetual strife preferred stock will be diluted and the trading price of the perpetual strife preferred stock may decline. For example, if we issue any dividend parity stock in the future, no dividends
may be declared or paid on perpetual strife preferred stock unless regular dividends are simultaneously declared on any dividend parity preferred stock on a pro rata basis (as described further under the caption “Description