Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 19

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 19
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 |     | the ability of our subsidiaries to distribute funds to us; |

| • |     | regulatory restrictions on our ability to pay dividends, including under the Delaware General Corporation Law; |

| • |     | our ability to sell equity securities under existing or new at-the-market offering programs; and |

| • |     | contractual restrictions on our ability to pay dividends. |

In addition, subject to a limited exception, as described under the caption “Description of Perpetual Strife Preferred Stock—Regular Dividends,” our board of directors or any duly authorized committee thereof may choose not to pay accumulated dividends on the perpetual strife preferred stock for any reason. Accordingly, we may pay less than the full amount of accumulated dividends on the perpetual strife preferred stock. In addition, if we fail to declare and pay accumulated dividends on the perpetual strife preferred stock in full, then the trading price of the perpetual strife preferred stock will likely decline. Provisions contained in the instruments governing our future indebtedness may restrict or prohibit us from paying cash dividends on the perpetual strife preferred stock. If the terms of our indebtedness restrict or prohibit us from paying dividends, then we may seek to refinance that indebtedness or seek a waiver that would permit the payment of dividends. However, we may be unable or may choose not to refinance the indebtedness or obtain a waiver. Under the Delaware General Corporation Law, we may declare dividends on the perpetual strife preferred stock only out of our “surplus” (which generally means our total assets less total liabilities, each measured at their fair market values, less statutory capital), or, if there is no surplus, out of our net profits for the current or the immediately preceding fiscal year. We may not have sufficient surplus or net profits to declare and pay dividends on the perpetual strife preferred stock in cash. If we fail to declare and pay full dividends on the perpetual strife preferred stock, then we will be prohibited from paying dividends on our class A common stock and any other junior securities (including our perpetual strike preferred stock), subject to limited exceptions. Further, no dividends may be declared or paid on any class or series of dividend parity stock unless regular dividends are simultaneously declared on the perpetual strife preferred stock on a pro rata basis (a described further under the caption “Description of Perpetual Strife Preferred Stock—Regular Dividends—Priority of Dividends; Limitation on Junior Payments; No Participation Rights— Limitation on Dividends on Parity Stock”). The perpetual strife preferred stock has only limited voting rights.