Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 95

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 95
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 decision that differs from the previously generally accepted position, in each case 
 by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or                                                            |

| • |     | a threatened challenge asserted in writing in connection with a tax audit of us or any of our subsidiaries, or a                                                                                                      
 publicly known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the perpetual strike preferred stock, |

which amendment, clarification or change is effective or the administrative action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly known after the date of this prospectus supplement, there is more than an insubstantial risk that any of the outstanding perpetual strike preferred stock is treated as “fast-paystock” within the meaning of Treasury Regulation Section 1.7701(l)-3(b)(2)(or becomes subject to substantially similar successor provision). “Tender/exchange offer valuation period” has the meaning set forth above in paragraph (5) under the caption “—Conversion Rights—Conversion Rate Adjustments—Generally.” “Trading day” means, with respect to our class A common stock or perpetual strike preferred stock, as applicable, any day on which (i) trading in our class A common stock or perpetual strike preferred stock, as applicable, generally occurs on the principal U.S. national or regional securities exchange on which our class A common stock or perpetual strike preferred stock, as applicable, is then listed or, if our class A common stock or perpetual strike preferred stock, as applicable, is not then listed on a U.S. national or regional securities exchange, on the principal other market on which our class A common stock or perpetual strike preferred stock, as applicable, is then traded; and (ii) there is no “market disruption event” (as defined above in this “—Definitions” section). If our class A common stock or perpetual strike preferred stock, as applicable, is not so listed or traded, then “trading day” with respect to our class A common stock or perpetual strike preferred stock, as applicable, means a business day. “Voting parity stock” means, with respect to any matter as to which preferred stockholders are entitled to vote pursuant to the provisions described above under the caption “—Voting Rights—Right to Designate up to Two Preferred Stock Directors Upon Regular Dividend Non-PaymentEvents” or “—