Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 73

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 73
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 foregoing adjustment to the conversion rate, each preferred stockholder will receive, for each share of perpetual strike preferred stock held by such preferred stockholder on such record date, at the same time and on the same terms as holders of our class A common stock, and without having to convert its perpetual strike preferred stock, the amount of cash that such preferred stockholder would have received in such dividend or distribution if such preferred stockholder had owned, on such record date, a number of shares of our class A common stock equal to the conversion rate in effect on such record date. To the extent such dividend or distribution is declared but not made or paid, the conversion rate will be readjusted to the conversion rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid.

| (5) | Tender Offers or Exchange Offers. If we or any of our subsidiaries makes a payment in respect of a                                                                                                                                                      
 tender offer or exchange offer for shares of our class A common stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the                                                                                     
 Exchange Act), and the value (determined as of the expiration time by us in good faith and in a commercially reasonable manner) of the cash and other consideration paid per share of our class A common stock in such tender or exchange offer exceeds 
 the last reported sale price per share of our class A common stock on the trading day immediately after the last date (the “expiration date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be         
 amended), 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 the last trading day of the “tender/exchange offer valuation period” (as defined below) for such tender or exchange offer;                          |
| CR1 |     | = |     | the conversion rate in effect immediately after the close of business on the last trading day of the tender/exchange offer valuation period;                                                                                  |
| AC  |     | = |     | the aggregate value (determined as of the time (the “expiration time”) such tender or exchange offer expires by us in good faith and in a commercially reasonable manner) of all cash and other consideration paid for shares 
 of our class A common stock purchased or exchanged in such tender or