Company: MSTR
Filing Date: 2025-03-10
Form Type: 8-K
Source: 0001193125-25-050411
Chunk: 0

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01.      Entry into a Material Definitive Agreement.  

On March 10, 2025, MicroStrategy Incorporated d/b/a Strategy (“ Strategy”) entered into a Sales Agreement (the “ Sales Agreement”) with TD Securities (USA) LLC, Barclays Capital Inc., The Benchmark Company, LLC, BTIG, LLC, Canaccord Genuity LLC, Cantor Fitzgerald & Co., Compass Point Research & Trading, LLC, H. C. Wainwright & Co., LLC, Keefe, Bruyette & Woods, Inc., Mizuho Securities USA LLC, Santander US Capital Markets LLC and SG Americas Securities, LLC, as sales agents (each an “ Agent” and collectively the “ Agents”), pursuant to which Strategy may issue and sell shares of its 8.00% series A perpetual strike preferred stock, $0.001 par value per share (the “perpetual strike preferred stock”), having an aggregate offering price of up to $21.0 billion (the “ Shares”), from time to time through the Agents (the “ Offering”). Shares of the perpetual strike preferred stock are convertible by the holders into shares of Strategy’s class A common stock. Also, on March 10, 2025, Strategy filed a prospectus supplement with the Securities and Exchange Commission in connection with the Offering (the “ Prospectus Supplement”) under its existing automatic shelf registration statement, which became effective on January 27, 2025 (File No. 333-284510)(the “ Registration Statement”), and the base prospectus contained therein.

Upon delivery of a placement notice, and subject to the terms and conditions of the Sales Agreement, the Agents may sell the Shares by any method that is deemed an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “ Securities Act”) or any other method permitted by law, which may include negotiated transactions or block trades. Strategy may sell the Shares through the Agents in amounts and at times to be determined by Strategy from time to time subject to the terms and conditions of the Sales Agreement. Strategy is not obligated to sell, and the Agent is not obligated to buy or sell, any of the Shares in the Offering. No assurance can be given that Strategy will sell any Shares under the Sales Agreement, or, if it does, as to the price or amount of Shares that it sells or the dates when such sales will take place. Strategy will only sell Shares through