Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 15
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 have the right, at our election, to redeem all, and not less than all, of the perpetual strike preferred stock, at any time, for cash if the total                                                                                            
 aggregate liquidation preference of all perpetual strike preferred stock then outstanding is less than $182,500,000 (which is equal to 25% of the aggregate liquidation preference of the perpetual strike preferred stock issued on February 5, 
 2025). We refer to a redemption pursuant to this provision as an “optional redemption.” The redemption price for any perpetual strike preferred stock to be redeemed pursuant to an                                                              |

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| optional redemption will be a cash amount equal to the liquidation preference of the perpetual strike preferred stock to be redeemed, plus accumulated and unpaid regular dividends to, but 
 excluding, the redemption date.                                                                                                                                                             |

| See “Description of Perpetual Strike Preferred Stock—Redemption at Our Option—Optional Redemption.” |

| Redemption Upon Tax Event | In addition to the redemption right described above, we have the right, at our election, to redeem all, and not less than all, of the perpetual strike preferred stock, at any time, for cash if a “tax event” (as defined in this              
 prospectus supplement) occurs. We refer to a redemption pursuant to this provision as a “tax redemption.” The redemption price for any perpetual strike preferred stock to be redeemed pursuant to a tax redemption will be a cash amount equal 
 to (i) the greater of (1) the liquidation preference of the perpetual strike preferred stock to be redeemed; and (2) the average of the last reported sale prices per share of perpetual strike preferred stock for the five consecutive        
 trading days ending on, and including, the trading day immediately before the date on which we send the related redemption notice, plus (ii) accumulated and unpaid regular dividends to, but excluding, the redemption date.                   |

| See “Description of Perpetual Strike Preferred Stock—Redemption at Our Option—Tax Redemption.” |

| Repurchase at the Option of the Preferred Stockholders After a Fundamental Change | If a “fundamental change” (as defined in this prospectus supplement) occurs, then, except as described in this prospectus supplement, preferred stockholders 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 perpetual strike preferred stock at a cash repurchase price equal to the liquidation preference of the perpetual strike preferred stock to be