Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 16

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 16
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 any such adjustment of liquidation preference
in the manner described in this STRD Stock Annex or discount should not be treated as giving rise to a deemed distribution on the STRD Stock. However, there is no assurance that the Internal Revenue Service (the “IRS”) or an applicable
withholding agent will not take a contrary position.

Any deemed distribution will generally be taxable to the same extent as a cash distribution. In
addition, for any STRD stockholder that is a “non-U.S. holder” (as defined in “Material United States Federal Income Tax Considerations”), any deemed distribution could be subject to
U.S. federal withholding tax at a 30% rate, or such lower rate as may be specified by an applicable treaty. Because deemed distributions received by a holder of STRD Stock would not give rise to any cash from which any applicable withholding tax
could be satisfied, if we (or an applicable withholding agent) pay withholding (including backup withholding) on behalf of a holder of STRD Stock, we (or an applicable withholding agent) may set off any such payment against, or withhold such taxes
from, payments of cash to such holder of STRD Stock or sales proceeds received by, or other funds or assets of, such holder of STRD Stock, or require alternative arrangements with respect to such withholding taxes.

The application of the rules under Section 305 of the Code to the STRD Stock is uncertain, and holders of STRD Stock should consult their tax advisors
about the impact of these rules in their particular situations.

Holders of STRD Stock may not be entitled to the dividends-received deduction or preferential tax rates applicable to qualified dividend income.

Distributions paid to corporate U.S. holders may be eligible for the
dividends-received deduction and distributions paid to non-corporate U.S. holders may be subject to tax at the preferential tax rates applicable to “qualified dividend income” if we have current or accumulated earnings and profits, as
determined for U.S. federal income tax purposes and certain holding period and other requirements are met. We do not have any accumulated earnings and profits, and do not expect to generate current earnings and profits in the current year or the
foreseeable future. Accordingly, the distributions on the STRD Stock are generally not expected to qualify as dividends for U.S. federal income tax purposes in the current year or the foreseeable future.

We intend to provide public notice to the holders of STRD Stock to the extent that the distributions on STRD