Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 40

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 40
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 the perpetual strife preferred stock. Similarly, statutory, contractual or other restrictions may limit our subsidiaries’ ability to pay dividends or make distributions, loans or advances to us to enable us to pay regular dividends to the extent paid in cash on the perpetual strife preferred stock. See “Risk Factors—Risks Relating to the Perpetual Strife Preferred Stock and This Offering—We may not have sufficient funds to pay dividends in cash on the perpetual strife preferred stock, or we may choose not to pay dividends on the perpetual strife preferred stock. In addition, regulatory and contractual restrictions may prevent us from declaring or paying dividends.” Priority of Dividends; Limitation on Junior Payments; No Participation Rights Except as described below under “—Limitation on Dividends on Parity Stock” and “—Limitation on Certain Payments,” the certificate of designations does not prohibit or restrict us or our board of directors from declaring or paying any dividend or distribution (whether in cash, securities or other property, or any combination of the foregoing) on any class or series of our stock, and, unless such dividend or distribution is declared on the perpetual strife preferred stock, the perpetual strife preferred stock will not be entitled to participate in such dividend or distribution. For purposes of the descriptions below under the captions “—Limitation on Dividends on Parity Stock” and “—Limitation on Certain Payments,” a regular dividend on the perpetual strife preferred stock will be deemed to have been paid if such regular dividend is declared and consideration in kind and amount that is sufficient, in accordance with the certificate of designations, to pay such regular dividend is set aside for the benefit of the preferred stockholders entitled thereto. Limitation on Dividends on Parity Stock If:

| • |     | less than all accumulated and unpaid regular dividends on the outstanding perpetual strife preferred stock have 
 been declared and paid as of any regular dividend payment date; or                                              |

| • |     | our board of directors declares a regular dividend on the perpetual strife preferred stock that is less than the                                                                                    
 total amount of unpaid regular dividends on the outstanding perpetual strife preferred stock that would accumulate to, but excluding, the regular dividend payment date following such declaration, |

then, until and unless all accumulated and unpaid regular dividends on the outstanding perpetual strife preferred stock have been paid, 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, such that (i) the ratio of (