Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 26

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 26
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 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 STRC Stock only out of our “surplus” (which generally means our total assets less total liabilities, each measured at their fair market values, S-18

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 STRC Stock in cash.

If we fail to declare and pay full dividends on the STRF Stock, we will be prohibited from paying dividends
on the STRC Stock. Moreover, if we fail to declare and pay full dividends on the STRC Stock, then we will be prohibited from paying dividends on our class A common stock and any other junior securities (including our STRK Stock and STRD Stock),
subject to limited exceptions. Further, no dividends may be declared or paid on any class or series of dividend parity stock unless regular dividends are simultaneously declared on the STRC Stock on a pro rata basis (as described further under the
caption “Description of STRC Stock—Regular Dividends—Priority of Dividends; Limitation on Junior Payments; No Participation Rights— Limitation on Dividends on Parity Stock”).

The STRC Stock has only limited voting rights.

The STRC Stock confers no voting rights except with respect to certain dividend arrearages, certain amendments to the terms of the STRC Stock, and certain
other limited circumstances described in this prospectus supplement and except as required by the Delaware General Corporation Law. Holding STRC Stock does not confer the right to vote together with holders of our class A common stock on matters on
which our class A common stockholders are entitled to vote. For example, holders of STRC Stock, as such, do not have the right to vote in the general election of our directors and do not have any additional voting rights (such as the right to elect
any directors to our board of directors) upon the non-payment of regular dividends. Accordingly, the voting provisions of the STRC Stock may not afford you with meaningful protections for your investment.

Without the consent of any holder of our STRC Stock, we may issue preferred stock in the future that ranks equally with or senior to the STRC Stock with respect to dividends and liquidation rights, which may adversely affect the rights of preferred stockholders.

Without the consent