Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 56

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 56
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, lease or other transfer in connection with our liquidation, dissolution or winding up) to, another person will not, in itself, constitute our liquidation, dissolution or winding up, even if, in connection therewith, the perpetual strike preferred stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing. The certificate of designations for our perpetual strike preferred stock does not contain any provision requiring funds to be set aside to protect the liquidation preference of the perpetual strike preferred stock, even though it is substantially in excess of the par value thereof. As such, we may have no assets or funds available for payment on the perpetual strike preferred stock upon our liquidation, dissolution or winding up. See “Risk Factors—Risks Relating to the Perpetual Strike Preferred Stock and This Offering—The perpetual strike preferred stock is junior to our existing and future indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other class or series of preferred stock then outstanding.” Voting Rights The perpetual strike preferred stock has no voting rights except as described below or as provided in our certificate of incorporation or required by the Delaware General Corporation Law. Right to Designate up to Two Preferred Stock Directors Upon Regular Dividend Non-PaymentEvents Generally If a “regular dividend non-paymentevent” (as defined below under the caption “—Definitions”) occurs, then, subject to the other provisions described below, the authorized number of our directors will automatically increase by one (or we will vacate the offices of one director) and the preferred stockholders, voting together as a single class with the holders of each class or series of voting parity stock, if any, with similar voting rights regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, will have the right to elect one director to fill such directorship at our next annual meeting of stockholders (or, if earlier, at a special meeting of our stockholders called for such purpose) and at each following annual meeting of our stockholders until such regular dividend non-paymentevent has been cured, at which time such right will terminate with respect to the S-40

perpetual strike preferred stock until and unless a subsequent regular dividend non-paymentevent occurs. However, as a condition to the election of any such director, whom we refer to as a “preferred stock director,” such election must not cause us to violate any rule of any