Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 51

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 51
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 such prospectus supplement.

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The prospectus supplement relating to a series of preferred stock that is subject to mandatory redemption will specify the number of shares of preferred stock that shall be redeemed by us in each year commencing after a date to be specified, at a redemption price per share to be specified, together with an amount equal to all accrued and unpaid dividends thereon to the date of redemption. Unless the shares have a cumulative dividend, such accrued dividends will not include any accumulation in respect of unpaid dividends for prior dividend periods. We may pay the redemption price in cash or other property, as specified in the applicable prospectus supplement. If the redemption price for preferred stock of any series is payable only from the net proceeds of the issuance of shares of our capital stock, the terms of such preferred stock may provide that, if no such shares of our capital stock shall have been issued or to the extent the net proceeds from any issuance are insufficient to pay in full the aggregate redemption price then due, such preferred stock shall automatically and mandatorily be converted into the applicable shares of our capital stock pursuant to conversion provisions specified in the applicable prospectus supplement. Notwithstanding the foregoing, we will not redeem any preferred stock of a series unless:

| • |     | if that series of preferred stock has a cumulative dividend, we have declared and paid or contemporaneously                                                       
 declare and pay or set aside funds to pay full cumulative dividends on the preferred stock for all past dividend periods and the then current dividend period; or |

| • |     | if such series of preferred stock does not have a cumulative dividend, we have declared and paid or              
 contemporaneously declare and pay or set aside funds to pay full dividends for the then current dividend period. |

In addition, we will not acquire any preferred stock of a series unless:

| • |     | if that series of preferred stock has a cumulative dividend, we have declared and paid or contemporaneously                                                                                            
 declare and pay or set aside funds to pay full cumulative dividends on all outstanding shares of such series of preferred stock for all past dividend periods and the then current dividend period; or |

| • |     | if that series of preferred stock does not have a cumulative dividend, we have declared and paid or                                                    
 contemporaneously declare and pay or set aside funds to pay full dividends on the preferred stock of such series for the then current dividend period. |

However, at any time we may purchase or acquire preferred stock of that series (1) pursuant to a purchase or exchange offer made on the same terms to