Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 109

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 109
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 Amendment, as the liquidation preference of the STRK Stock is subject to adjustment in the manner described in the STRK Stock certificate of designations), it is generally not expected that the Offered Shares or Additional
Shares would be issued at such a level of premium above their liquidation preference at the time of sale of such Offered Shares or Additional Shares so as to implication the fast-pay stock rules. Nonetheless, there may be increased risk that the IRS
could assert that such Offered Shares or Additional Shares constitutes fast-pay stock.

Transactions involving fast-pay stock arrangements are treated as “listed transactions” for U.S. federal income tax purposes. Issuers and holders of any shares of fast-pay stock would be
required to report their participation in the transaction on IRS Form 8886 on an annual basis with their U.S. federal income tax returns and would also be required to mail a copy of that form to the IRS Office of Tax Shelter Analysis. Failure to
comply with those disclosure requirements could result in the assessment by the IRS of interest, additions to tax and onerous penalties. In addition, an accuracy-related penalty applies under the Code to any reportable transaction understatement
attributable to a listed transaction if a significant purpose of the transaction is the avoidance or evasion of U.S. federal income tax. Furthermore, certain material advisors would also be

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required to file a disclosure statement with the IRS. If we determine that we are required to file an IRS Form 8886 (including a protective filing) in connection with the potential issuance of fast-pay stock with respect to any STRK Stock, we intend to provide public notice to the applicable holders of the STRK Stock, which notice may be by a press release, by publication on our investor relations
website, or by filing a current report on Form 8-K with the Securities and Exchange Commission.

Notwithstanding
our intent not to issue STRK Stock that would be fast-pay stock, the rules regarding the definition of fast-pay stock are unclear in certain respects and, therefore, the
IRS could disagree with our determination and treat Offered Shares or Additional Shares as fast-pay stock. In addition, as discussed above under “—Multiple Issuances of STRK
Stock—Effect of Fungible Trading,” the treatment of any shares of STRK Stock as fast-pay stock could affect other shares of STRK Stock if all such shares are indistinguishable with each
other because they have the same CUSIP or other identifying number. Accordingly, even if