Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 35

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 35
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 point above must be delivered no later than the “close of business” (as defined below under the caption “—Definitions”) on the following date: (i) with respect to the payment of any declared cash regular dividend due on a regular dividend payment date for the perpetual strife preferred stock, the immediately preceding regular record date; and (ii) with respect to any other payment, the date that is 15 calendar days immediately before the date such payment is due. If the due date for a payment on any perpetual strife preferred stock is not a “business day” (as defined below under the caption “—Definitions”), then such payment may be made on the immediately following business day with the same force and effect as if such payment were made on that due date, and no interest, dividend or other amount will accrue or accumulate on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “business day.” Ranking The perpetual strife preferred stock ranks as follows:

| • |     | senior to any equity security, including our class A common stock, class B common stock and perpetual strike                                                                                                                          
 preferred stock, with respect to the payment of dividends and with respect to the distribution of assets upon our liquidation, dissolution or winding up other than any equity security referred to in the second bullet point below; |

| • |     | equally with (i) “dividend parity stock” (as defined below under the caption                                                                                                                          
 “—Definitions”) with respect to the payment of dividends; and (ii) “liquidation parity stock” (as defined below under the caption “—Definitions”) with respect to the distribution of assets upon our 
 liquidation, dissolution or winding up;                                                                                                                                                               |

| • |     | junior to our existing and future indebtedness (including all of our issued and outstanding Convertible Notes); 
 and                                                                                                             |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

Our class A common stock and class B common stock, and our outstanding perpetual preferred strike preferred stock, constitute dividend junior stock and liquidation junior stock. The terms of the perpetual strife preferred stock do not restrict us from issuing dividend parity stock or liquidation parity stock; however, we