Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 44

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 44
---
 outstanding shares of perpetual strife preferred stock and the corresponding amounts payable in respect of all outstanding shares of liquidation parity stock, if any, then, subject to the rights of any of our creditors or holders of any outstanding liquidation senior stock, such assets or funds will be distributed ratably on the outstanding shares of perpetual strife preferred stock and liquidation parity stock in proportion to the full respective distributions to which such shares would otherwise be entitled. For purposes of the provisions described above in this “—Rights Upon Our Liquidation, Dissolution or Winding Up” section, our consolidation or combination with, or merger with or into, or the sale, lease or other transfer of S-33

all or substantially all of our assets (other than a sale, lease or other transfer in connection with our liquidation, dissolution or winding up) to, another person will not, in itself, constitute our liquidation, dissolution or winding up, even if, in connection therewith, the perpetual strife preferred stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing. The certificate of designations for our perpetual strife preferred stock does not contain any provision requiring funds to be set aside to protect the liquidation preference of the perpetual strife preferred stock, even though it is substantially in excess of the par value thereof. As such, we may have no assets or funds available for payment on the perpetual strife preferred stock upon our liquidation, dissolution or winding up. See “Risk Factors—Risks Relating to the Perpetual Strife Preferred Stock and This Offering—Although the perpetual strife preferred stock is senior to our class A common stock, class B common stock, and perpetual strike preferred stock, it is junior to our existing and future indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other class or series of preferred stock that we may issue in the future.” Voting Rights The perpetual strife preferred stock has no voting rights except as described below or as provided in our certificate of incorporation or required by the Delaware General Corporation Law. Right to Designate up to Two Preferred Stock Directors Upon Regular Dividend Non-PaymentEvents Generally If a “regular dividend non-paymentevent” (as defined below under the caption “—Definitions”) occurs, then, subject to the other provisions described below, the authorized number of our directors will automatically increase by one (or we will vacate the offices of one director) and the preferred stock