Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 70

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 70
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, options or warrants by (y) the average of the last reported sale prices per share of our class A 
 common stock for the 10 consecutive trading days ending on, and including, the trading day immediately before the date such distribution is announced.                                                                        |

To the extent such rights, options or warrants are not so distributed, the conversion rate will be readjusted to the conversion rate that would then be in effect had the increase to the conversion rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that shares of our class A common stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the conversion rate will be readjusted to the conversion rate that would then be in effect had the increase to the conversion rate for such distribution been made on the basis of delivery of only the number of shares of our class A common stock actually delivered upon exercise of such rights, options or warrants. For purposes of this paragraph (2), in determining whether any rights, options or warrants entitle holders of our class A common stock to subscribe for or purchase shares of our class A common stock at a price per share that is less than the average of the last reported sale prices per share of our class A common stock for the 10 consecutive trading days ending on, and including, the trading day immediately before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration we receive for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by us in good faith and in a commercially reasonable manner. S-49

| (3) | Spin-Offs and Other Distributed Property. |

| (a) | Distributions Other than Spin-Offs. If we distribute shares of our “capital stock” (as defined                                                                                                                                          
 below under the caption “—Definitions”), evidences of our indebtedness or other assets or property of ours, or rights, options or warrants to acquire our capital stock or other securities, to all or substantially all holders of our 
 class A common stock, excluding:                                                                                                                                                                                                        |

| • |     | dividends, distributions, rights, options or warrants for which an adjustment to the conversion rate is required                                                         
 (or would be