Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 33

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 33
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 of such payment.                                                                                          |

Upon payment of such amount in full on the outstanding STRD Stock, holders of the STRD Stock will have no rights to our remaining assets or funds, if any. If such assets or funds are insufficient to fully pay such amount on all outstanding shares of STRD 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 STRD 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 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 STRD 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 STRD Stock does not contain any provision requiring funds to be set aside to protect the liquidation preference of the STRD 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 STRD Stock upon our liquidation, dissolution or winding up. See “Risk Factors—Risks Related to the STRD Stock and This Offering—Although the STRD Stock is senior to our class A common stock and class B common stock, it is junior to our STRF Stock, our STRC Stock, our STRK Stock, our existing and future indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other series of preferred stock then outstanding.” SA-20

Voting Rights The STRD 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. Voting and Consent Rights with Respect to Specified Matters Subject to the other provisions described below, while any STRD Stock is outstanding, each of the following events will require