Company: MSTR
Filing Date: 2025-11-13
Form Type: 8-K
Source: 0001193125-25-280178
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Company: Strategy Inc
Filing Date: 2025-11-13
Form: 8-K
Item: Item 3.03
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Item 3.03      Material Modification to Rights of Security Holders.  

On November 13, 2025, Strategy Inc (“ Strategy” or the “ Company”) completed an initial public offering (the “ Offering”) registered under the Securities Act of 1933, as amended (the “ Securities Act”), of 7,750,000 shares of a new class of its capital stock titled “10.00% Series A Perpetual Stream Preferred Stock” (the “ STRE Stock”). The gross proceeds from the Offering were approximately €620.0 million (or $716.8 million) and the net proceeds from the Offering were approximately €608.8 million (or $703.9 million), after deducting the underwriting discounts and commissions and the Company’s estimated offering expenses. Strategy’s gross proceeds and net proceeds in U. S. dollars disclosed herein are calculated based upon the Euro to U. S. dollar exchange rate of €1.00/$1.1561.

In connection with this issuance of STRE Stock, Strategy filed a Certificate of Designations (the “ Certificate of Designations”) with the Secretary of State of the State of Delaware on November 12, 2025 designating an aggregate of 7,750,000 shares of, and establishing the terms of, the STRE Stock.

The STRE Stock accumulates cumulative dividends (“regular dividends”) at a rate per annum equal to 10.00% on the stated amount thereof, which is €100 per share of STRE Stock. Regular dividends on the STRE Stock will be payable when, as and if declared by Strategy’s board of directors or any duly authorized committee thereof, out of funds legally available for their payment, quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on December 31, 2025. Declared regular dividends on the STRE Stock will be payable solely in cash. In the event that any accumulated regular dividend on the STRE Stock is not paid on the applicable regular dividend payment date, then additional regular dividends (“compounded dividends”) will accumulate on the amount of such unpaid regular dividend, compounded quarterly. The compounded dividend rate applicable to any unpaid regular dividend that was due on a regular dividend payment date will initially be a rate per annum equal to 10% plus 100 basis points; provided, however, that, until such unpaid regular dividend, together with compounded dividends thereon, is paid in full, such compounded dividend rate will