Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 60

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 60
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 preferred stock; provided,
however, that, effective immediately after the close of business on each business day after March 25, 2025 (and, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of perpetual strife
preferred stock is executed, from the exact time of the first such sale transaction during such

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business day until the close of business of such business day), the liquidation preference per share of perpetual strife preferred stock is adjusted to be the greatest of (i) the stated
amount per share of perpetual strife preferred stock; (ii) in the case of any business day with respect to which we have, on such business day or any business day during the ten (10) trading day period preceding such business day, executed
any sale transaction to be settled by the issuance of perpetual strife preferred stock, an amount equal to the last reported sale price per share of perpetual strife preferred stock on the trading day immediately before such business day; and
(iii) the arithmetic average of the last reported sale prices per share of perpetual strife preferred stock for each trading day of the ten (10) consecutive trading days immediately preceding such business day, provided, however, that, if
applicable, the reference in this clause (iii) to ten (10) will be replaced by such lesser number of trading days as have elapsed during the period from, and including, March 25, 2025 to, but excluding, such business day.
Notwithstanding anything to the contrary in the preceding sentence, at all times before the first date on which we execute any sale transaction to be settled by the issuance of perpetual strife preferred stock (other than the perpetual strife
preferred stock initially issued on March 25, 2025), which may include sales in this offering, the liquidation preference per share of perpetual strife preferred stock will be $100. Whenever in this prospectus supplement we refer to the
liquidation preference of the perpetual strife preferred stock as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the liquidation preference immediately after the close of business on
such date. For purposes of this definition, references to our execution of any sale transaction to be settled by the issuance of perpetual strife preferred stock includes any resale of any shares of perpetual strife preferred stock that we or any of
our subsidiaries have purchased or otherwise acquired.

“Liquidation senior stock” means any class or series of our stock whose terms expressly