Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 64

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 64
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 | the number of shares of our class A common stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.                                                                         |

If any dividend, distribution, stock split or stock combination of the type described in this paragraph (1) is declared or announced, but not so paid or made, then the conversion rate will be readjusted, effective as of the date our board of directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the conversion rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced.

| (2) | Rights, Options and Warrants. If we distribute, to all or substantially all holders of our class A                                                                                                                                     
 common stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which the provisions described below in paragraph (3)(a) and under the caption “—Stockholder |

SA-39

| Rights Plans” will apply) entitling such holders, for a period of not more than 60 calendar days after the record date of such distribution, 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 such 
 distribution is announced, then the conversion rate will be increased based on the following formula:                                                                                                                                                   |

where:

| CR0 |     | = |     | the conversion rate in effect immediately before the close of business on such record date;                                                                                                                                   |
| CR1 |     | = |     | the conversion rate in effect immediately after the close of business on such record date;                                                                                                                                    |
| OS  |     | = |     | the number of shares of our class A common stock outstanding immediately before the close of business on such record date;                                                                                                    |
| X   |     | = |     | the total number of shares of our class A common stock issuable pursuant to such rights, options or warrants; and                                                                                                             |
| Y   |     | = |     | a number of shares of our class A common stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the last reported sale prices per share of our class A 
 common stock for the