Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 22

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 22
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 service our indebtedness or other obligations; |

| • |     | the degree to which we decide to reinvest any cash generated by our operations or financing activities to fund 
 our future operations;                                                                                         |

| • |     | the ability of our subsidiaries to distribute funds to us; |

| • |     | regulatory restrictions on our ability to pay dividends, including under the Delaware General Corporation Law; |

| • |     | our ability to sell equity securities under existing or new at-the-market offering programs, including this offering; and |

| • |     | contractual restrictions on our ability to pay dividends. |

In addition, subject to a limited exception, as described under the caption “Description of Perpetual Strike Preferred Stock—Regular Dividends,” our board of directors may choose not to pay accumulated dividends on the perpetual strike preferred stock for any reason. Accordingly, we may pay less than the full amount of accumulated dividends on the perpetual strike preferred stock. In addition, if we fail to declare and pay accumulated dividends on the perpetual strike preferred stock in full, then the trading price of the perpetual strike preferred stock will likely decline. Provisions contained in the instruments governing our future indebtedness may restrict or prohibit us from paying cash dividends on the perpetual strike preferred 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 perpetual strike preferred 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 perpetual strike preferred stock in cash. If we are unable or, if permitted, decide not to pay accumulated dividends on the perpetual strike preferred stock in cash, then we may, but are not obligated to (subject to a limited exception, as described under the caption “Description of Perpetual Strike Preferred Stock—Regular Dividends”), elect to pay dividends in shares of our class A common stock. However, the payment of dividends in shares of our class A common stock will expose you to dilution and the risk of fluctuations in the price of our class