Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 14

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 14
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 to declare and pay accumulated dividends on the STRF Stock in full, then the trading price of the STRF Stock will likely decline. Provisions contained in the instruments governing our future indebtedness may restrict or prohibit us from paying cash dividends on the STRF Stock. If the terms of our indebtedness restrict or prohibit us from paying dividends, then we may seek to refinance that indebtedness or seek a waiver that would permit the payment of dividends. However, we may be unable or may choose not to refinance the indebtedness or obtain a waiver. Under the Delaware General Corporation Law, we may declare dividends on the STRF Stock only out of our “surplus” (which generally means our total assets less total liabilities, each measured at their fair market values, less statutory capital), or, if there is no surplus, out of our net profits for the current or the immediately preceding fiscal year. We may not have sufficient surplus or net profits to declare and pay dividends on the STRF Stock in cash. If we fail to declare and pay full dividends on the STRF Stock, then we will be prohibited from paying dividends on our class A common stock and any other junior securities (including our other outstanding series of preferred stock), subject to limited exceptions. Further, no dividends may be declared or paid on any class or series of dividend parity stock unless regular dividends are simultaneously declared on the STRF Stock on a pro rata basis (a described further under the caption “Description of STRF Stock—Regular Dividends—Priority of Dividends; Limitation on Junior Payments; No Participation Rights— Limitation on Dividends on Parity Stock”). The STRF Stock has only limited voting rights. The STRF Stock confers no voting rights except with respect to certain dividend arrearages, certain amendments to the terms of the STRF Stock, and certain other limited circumstances described in this STRF Stock Annex and except as required by the Delaware General Corporation Law. Holding STRF Stock does not confer the right to vote together with holders of our class A common stock on matters on which our class A common stockholders are entitled to vote. For example, holders of STRF Stock, as such, do not have the right to vote in the general election of our directors, although those holders will have a limited right, voting together with holders of any voting parity stock if any, with similar voting rights regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, to elect one director upon the occurrence of