Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 88

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 88
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 any report with the SEC indicating that such person or group has become the direct or indirect “beneficial                                                                                     |

S-61

| owner” (as defined below) of shares of our class A common stock representing more than 50% of the voting power of all of our class A common stock, provided that, solely for purposes                                                       
 of this clause (b), none of the following will constitute beneficial ownership of our class A common stock: (x) beneficial ownership of our class B common stock; and (y) beneficial ownership by any permitted party of any of our class A 
 common stock issued upon conversion of our class B common stock;                                                                                                                                                                            |

| (ii) | the consummation of: (1) any sale, lease or other transfer, in one transaction or a series of                                                                                                                                                             
 transactions, of all or substantially all of the assets of us and our subsidiaries, taken as a whole, to any person, other than solely to one or more of our wholly owned subsidiaries; or (2) any transaction or series of related transactions in       
 connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of our class A common stock is exchanged for, converted into, acquired for, 
 or constitutes solely the right to receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of us pursuant to which the persons that directly or indirectly                    
 “beneficially owned” (as defined below) all classes of our common equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than 50% of all classes of common                        
 equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions                                                                                                 
 vis-à-vis each other as immediately before such transaction will be deemed not to be a fundamental change pursuant to this clause (ii); or                                                                                                                |

| (iii) | our class A common stock ceases to be listed on any of The New York Stock Exchange, The Nasdaq Global Market or 
 The Nasdaq Global Select Market (or any of their respective successors);                                        |

provided, however, that a transaction or event described in clause (i) or (ii) above will not constitute a fundamental change if at least 90% of the consideration received or to be received by the holders of our class A common stock (