Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 2

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 2
---
 any unpaid regular dividends, regardless of whether regular dividends are declared for any future regular dividend period. Declared regular dividends on the STRD Stock will be payable solely in cash in the manner, and subject to the provisions, described in this prospectus supplement. We have the right, at our election, to redeem all, and not less than all, of the STRD Stock, at any time, for cash if the total number of shares of all STRD Stock then outstanding is less than 25% of the total number of shares of STRD Stock originally issued in this offering and in any future offering taken together. In addition, we have the right to redeem all, but not less than all, of the STRD Stock if a “tax event” (as defined in this prospectus supplement) occurs. The redemption price for any STRD Stock to be redeemed will be a cash amount equal to the liquidation preference of the STRD Stock to be redeemed as of the business day before the date we send the related redemption notice, plus declared and unpaid regular dividends, if any, that will have accrued to, but excluding, the redemption date. For the avoidance of doubt, the redemption price will not include payment of any undeclared regular dividends. If a “fundamental change” (as defined in this prospectus supplement) occurs, then, except as described in this prospectus supplement, holders of STRD Stock will have the right (which we refer to as the “fundamental change repurchase right”) to require us to repurchase some or all of their shares of STRD Stock at a cash repurchase price equal to the stated amount of the STRD Stock to be repurchased, plus declared and unpaid regular dividends, if any, that will have accrued to, but excluding the fundamental change repurchase date. For the avoidance of doubt, the fundamental change repurchase price will not include payment of any undeclared regular dividends. Our business and an investment in the STRD Stock involve significant risks. These risks are described under the caption “ Risk Factors” beginning on page S-14of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement. Neither the Securities and Exchange Commission nor any state or foreign securities commission or regulatory authority has approved or disapproved of the STRD Stock or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. We expect to deliver the STRD Stock in book-entry form only through the facilities of The Depos