Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 19

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 19
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 on the STRK Stock for any reason. Accordingly, we may pay less than the full amount of accumulated dividends on the STRK Stock. In addition, if we fail to declare and pay accumulated dividends on the STRK Stock in full, then the trading price of the STRK Stock will likely decline. Provisions contained in the instruments governing our future indebtedness may restrict or prohibit us from paying cash dividends on the STRK 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 STRK 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 STRK Stock in cash. If we are unable or, if permitted, decide not to pay accumulated dividends on the STRK Stock in cash, then we may, but are not obligated to (subject to a limited exception, as described under the caption “Description of STRK 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 A common stock, as described further in this “Risk Factors” section. Additionally, even if we choose to pay dividends on the STRK Stock in shares of class A common stock, the number of shares of class A common stock that we are permitted to deliver may be limited as described under “Description of STRK Stock—Regular Dividends—Method of Payment—Regular Dividends Paid Partially or Entirely in Shares of Class A Common Stock.” If we fail to declare and pay full dividends on our STRF Stock or STRC Stock, we will be prohibited from paying dividends on the STRK Stock. Moreover, if we fail to declare and pay full dividends on the STRK Stock, SA-11

then we will be prohibited from paying dividends on our class A common stock and any other junior securities, subject to limited exceptions. Although we do not currently