Company: MSTR
Filing Date: 2025-04-07
Form Type: 8-K
Source: 0001193125-25-073989
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-04-07
Form: 8-K
Item: Item 8.01
Chunk 15
---
 triggered at the conversion rates then in effect based on the Convertible Notes then outstanding on such date was as follows:

  2028 Convertible Notes: 5,513,489 shares;  

  2029 Convertible Notes: 4,461,600 shares;  

  2030A Convertible Notes: 5,341,600 shares;  

  2030B Convertible Notes: 4,614,400 shares;  

  2031 Convertible Notes: 2,594,314 shares; and  

  2032 Convertible Notes: 3,915,200 shares.  

The 2028 Convertible Notes, 2030A Convertible Notes, 2031 Convertible Notes and 2032 Convertible Notes were convertible at the option of the holders during the three months ended March 31, 2025. In addition, the 2027 Convertible Notes were convertible at the option of the holders during the three months ended March 31, 2025 prior to their redemption. The Convertible Notes may be convertible in future periods if one or more of the conversion conditions are satisfied. As of March 31, 2025, the last reported sale price of the Company’s class A common stock for at least 20 trading days during the 30 consecutive trading days ending on, and including, March 31, 2025 was greater than or equal to 130% of the conversion price of each of the 2028 Convertibles Notes, 2030A Convertible Notes and 2032 Convertible Notes on each applicable trading day. Therefore, the 2028 Convertibles Notes, 2030A Convertible Notes and 2032 Convertible Notes are convertible at the option of the holders of the respective Convertible Notes during the second quarter of 2025.

As of March 31, 2025, the Company has not redeemed any of the Convertible Notes.

As of March 31, 2025, the net carrying value of the Convertible Notes were considered long-term liabilities.

The following shows the net carrying value and fair value of the Company’s convertible debt instruments as of March 31, 2025 (in thousands):

                               March 31, 2025                                                                                               
                               Outstanding                          Unamortized                                                             
                               Principal Amount                     Issuance Costs                                                          
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                               Amount                               Leveling