[8-K] MicroStrategy Incorporated 8.00% Series A Perpetual Strike Preferred Stock Reports Material Event
Clearside Biomedical, Inc. (CLSD) has issued a Definitive Proxy Statement (DEF 14A) for a Special Meeting on 29 Aug 2025. The Board is asking holders of the 78.5 m outstanding shares (record date: 28 Jul 2025) to approve a single corporate action:
- Proposal 1 – Reverse Stock Split & Authorized Share Reduction: authorises the Board, at its discretion within 12 months, to combine shares in any ratio from 1-for-5 to 1-for-15 and simultaneously cut authorised common shares proportionately from the current 400 m down to 80 m–26.7 m, preserving par value ($0.001).
Rationale: CLSD has been out of compliance with Nasdaq’s $1.00 minimum bid price since 7 Feb 2025 and expects delisting notice after 6 Aug 2025. Management believes a higher share price following the reverse split is the most practical path to regain compliance and maintain Nasdaq Global Market listing, thereby protecting liquidity and financing options.
Voting mechanics: Proposal passes with a simple majority of votes cast; because it is deemed “routine” by NYSE rules, brokers may vote uninstructed street-name shares. No broker non-votes are expected. Quorum is >50% of outstanding shares (≥39.26 m). No dissenters’ rights apply.
Effects: Share counts, option pools and ATM capacity will shrink proportionally; fractional shares will be cashed out at the 5-day average market price. Ownership percentages and rights remain unchanged. The Board may abandon or defer the split if price compliance is regained independently.
Clearside Biomedical, Inc. (CLSD) ha pubblicato una Dichiarazione Definitiva di Procuratore (DEF 14A) per una Assemblea Straordinaria il 29 agosto 2025. Il Consiglio chiede ai detentori delle 78,5 milioni di azioni in circolazione (data di registrazione: 28 luglio 2025) di approvare una singola azione societaria:
- Proposta 1 – Raggruppamento Azionario Inverso e Riduzione delle Azioni Autorizzate: autorizza il Consiglio, a sua discrezione entro 12 mesi, a combinare le azioni in qualsiasi rapporto da 1-aziona ogni 5 a 1-aziona ogni 15 e contemporaneamente ridurre proporzionalmente le azioni ordinarie autorizzate dall'attuale 400 milioni a un intervallo tra 80 milioni e 26,7 milioni, mantenendo il valore nominale ($0,001).
Motivazione: CLSD non rispetta il prezzo minimo di offerta di $1,00 richiesto da Nasdaq dal 7 febbraio 2025 e prevede una notifica di esclusione dopo il 6 agosto 2025. La direzione ritiene che un prezzo azionario più alto a seguito del raggruppamento inverso sia la soluzione più pratica per tornare in regola e mantenere la quotazione sul Nasdaq Global Market, proteggendo così la liquidità e le opzioni di finanziamento.
Modalità di voto: La proposta passa con la maggioranza semplice dei voti espressi; poiché è considerata “di routine” secondo le regole NYSE, i broker possono votare per conto delle azioni street-name non istruite. Non sono previsti voti non espressi dai broker. Il quorum è superiore al 50% delle azioni in circolazione (≥39,26 milioni). Non si applicano diritti di dissenso.
Effetti: Il numero di azioni, i pool di opzioni e la capacità ATM si ridurranno proporzionalmente; le azioni frazionarie saranno liquidate al prezzo medio di mercato degli ultimi 5 giorni. Le percentuali di proprietà e i diritti rimangono invariati. Il Consiglio può rinunciare o posticipare il raggruppamento se il prezzo torna a rispettare i requisiti autonomamente.
Clearside Biomedical, Inc. (CLSD) ha emitido una Declaración Definitiva de Poder (DEF 14A) para una Junta Especial el 29 de agosto de 2025. La Junta solicita a los titulares de las 78.5 millones de acciones en circulación (fecha de registro: 28 de julio de 2025) que aprueben una única acción corporativa:
- Propuesta 1 – División Inversa de Acciones y Reducción de Acciones Autorizadas: autoriza a la Junta, a su discreción dentro de 12 meses, a combinar acciones en cualquier proporción de 1 por 5 a 1 por 15 y simultáneamente reducir proporcionalmente las acciones comunes autorizadas desde las actuales 400 millones a un rango de 80 millones a 26.7 millones, preservando el valor nominal ($0.001).
Justificación: CLSD ha incumplido con el precio mínimo de oferta de Nasdaq de $1.00 desde el 7 de febrero de 2025 y espera un aviso de exclusión después del 6 de agosto de 2025. La gerencia considera que un precio de acción más alto tras la división inversa es el camino más práctico para recuperar el cumplimiento y mantener la cotización en Nasdaq Global Market, protegiendo así la liquidez y las opciones de financiamiento.
Mecánica de votación: La propuesta se aprueba con mayoría simple de los votos emitidos; dado que se considera “de rutina” según las reglas de NYSE, los corredores pueden votar acciones street-name no instruidas. No se esperan votos no emitidos por corredores. El quórum es >50% de las acciones en circulación (≥39.26 millones). No aplican derechos de disidencia.
Efectos: El conteo de acciones, los grupos de opciones y la capacidad ATM se reducirán proporcionalmente; las acciones fraccionarias se pagarán en efectivo al precio promedio del mercado de 5 días. Los porcentajes de propiedad y derechos permanecen sin cambios. La Junta puede abandonar o aplazar la división si se recupera el cumplimiento del precio de forma independiente.
Clearside Biomedical, Inc. (CLSD)는 2025년 8월 29일 특별 주주총회를 위한 확정 위임장(DEF 14A)을 발행했습니다. 이사회는 2025년 7월 28일 기준으로 7,850만 주의 발행 주식 보유자들에게 단일 기업 조치를 승인해 줄 것을 요청하고 있습니다:
- 제안 1 – 역병합 및 승인 주식수 감축: 이사회가 재량에 따라 12개월 이내에 주식을 5대 1에서 15대 1까지의 비율로 병합하고 동시에 현재 4억 주인 승인 보통주를 8,000만 주에서 2,670만 주 사이로 비례 감축하며 액면가는 ($0.001) 유지하도록 승인합니다.
배경: CLSD는 2025년 2월 7일부터 나스닥 최소 입찰가 $1.00 미달 상태이며 2025년 8월 6일 이후 상장폐지 통지를 받을 것으로 예상됩니다. 경영진은 역병합 후 주가 상승이 규정 준수를 회복하고 나스닥 글로벌 마켓 상장을 유지하는 가장 실용적인 방법이라고 판단하여 유동성과 자금 조달 옵션을 보호하려 합니다.
투표 방식: 제안은 투표된 표의 단순 과반수로 통과됩니다; NYSE 규정상 “일상적”으로 간주되어 중개인은 지시 없는 스트리트 네임 주식에 대해 투표할 수 있습니다. 중개인의 무투표는 예상되지 않습니다. 정족수는 발행 주식의 50% 초과(≥3,926만 주)입니다. 반대권은 적용되지 않습니다.
영향: 주식 수, 옵션 풀 및 ATM 용량이 비례하여 축소되며, 소수 주식은 5일 평균 시장 가격으로 현금화됩니다. 소유 지분 및 권리는 변동 없습니다. 이사회는 가격 규정 준수가 독자적으로 회복되면 병합을 철회하거나 연기할 수 있습니다.
Clearside Biomedical, Inc. (CLSD) a publié une Déclaration de Procuration Définitive (DEF 14A) pour une Réunion Spéciale le 29 août 2025. Le Conseil d'administration demande aux détenteurs des 78,5 millions d'actions en circulation (date d'enregistrement : 28 juillet 2025) d'approuver une action unique de la société :
- Proposition 1 – Regroupement Inverse d'Actions & Réduction des Actions Autorisées : autorise le Conseil, à sa discrétion dans un délai de 12 mois, à regrouper les actions selon un ratio allant de 1 pour 5 à 1 pour 15 et à réduire simultanément le nombre d'actions ordinaires autorisées de 400 millions à une fourchette de 80 millions à 26,7 millions, en conservant la valeur nominale (0,001 $).
Justification : CLSD ne respecte plus depuis le 7 février 2025 le prix minimum d'offre de 1,00 $ exigé par le Nasdaq et s'attend à recevoir un avis de radiation après le 6 août 2025. La direction estime qu'un prix de l'action plus élevé suite au regroupement inverse est la solution la plus pratique pour retrouver la conformité et maintenir la cotation sur le Nasdaq Global Market, protégeant ainsi la liquidité et les options de financement.
Mécanique de vote : La proposition est adoptée à la majorité simple des votes exprimés ; étant considérée comme « routinière » selon les règles du NYSE, les courtiers peuvent voter pour les actions en nom de rue non instruites. Aucun vote non exprimé par les courtiers n'est attendu. Le quorum est supérieur à 50 % des actions en circulation (≥39,26 millions). Aucun droit de dissidence ne s'applique.
Effets : Le nombre d'actions, les pools d'options et la capacité ATM seront réduits proportionnellement ; les actions fractionnaires seront payées en espèces au prix moyen du marché sur 5 jours. Les pourcentages de propriété et les droits restent inchangés. Le Conseil peut abandonner ou reporter le regroupement si la conformité du prix est rétablie de manière autonome.
Clearside Biomedical, Inc. (CLSD) hat eine Verbindliche Vollmachtsmitteilung (DEF 14A) für eine Sonderversammlung am 29. August 2025 herausgegeben. Der Vorstand bittet die Inhaber der 78,5 Mio. ausstehenden Aktien (Stichtag: 28. Juli 2025), eine einzige Unternehmensmaßnahme zu genehmigen:
- Vorschlag 1 – Aktiensplit im Verhältnis rückwärts & Reduzierung der genehmigten Aktien: Ermächtigt den Vorstand, innerhalb von 12 Monaten nach eigenem Ermessen Aktien im Verhältnis von 1 zu 5 bis 1 zu 15 zusammenzulegen und gleichzeitig die genehmigten Stammaktien proportional von derzeit 400 Mio. auf 80 Mio. bis 26,7 Mio. zu reduzieren, wobei der Nennwert ($0,001) erhalten bleibt.
Begründung: CLSD erfüllt seit dem 7. Februar 2025 nicht mehr die Nasdaq-Mindestgebotspreisregel von 1,00 $ und erwartet nach dem 6. August 2025 eine Delisting-Benachrichtigung. Das Management ist der Ansicht, dass ein höherer Aktienkurs nach dem Aktiensplit der praktischste Weg ist, um die Compliance wiederherzustellen und die Notierung am Nasdaq Global Market zu erhalten, wodurch Liquidität und Finanzierungsmöglichkeiten geschützt werden.
Abstimmungsmodalitäten: Der Vorschlag wird mit einfacher Mehrheit der abgegebenen Stimmen angenommen; da er gemäß NYSE-Regeln als „routine“ gilt, können Broker bei nicht instruierten Street-Name-Aktien abstimmen. Keine Broker-Non-Votes werden erwartet. Das Quorum liegt bei >50 % der ausstehenden Aktien (≥39,26 Mio.). Kein Widerspruchsrecht ist anwendbar.
Auswirkungen: Aktienanzahl, Optionspools und ATM-Kapazität werden proportional schrumpfen; Bruchteile von Aktien werden zum 5-Tage-Durchschnittskurs ausgezahlt. Eigentumsanteile und Rechte bleiben unverändert. Der Vorstand kann den Split aufgeben oder verschieben, falls die Kurskonformität unabhängig wiederhergestellt wird.
- Maintains Nasdaq listing: Reverse split is the quickest route to regain the $1.00 bid price, protecting liquidity and institutional visibility.
- Flexible ratio range (1-5 to 1-15) allows the Board to tailor the split to market conditions, increasing chance of compliance.
- Authorized share cut alleviates concerns over excessive unissued shares post-split, limiting potential future dilution.
- Liquidity risk: Fewer outstanding shares may widen spreads and reduce trading volume.
- No guarantee of sustained price: Historical data show many reverse-split stocks drift back below compliance levels without operational improvements.
- Odd-lot costs: Holders ending with <100 shares may face higher brokerage fees and selling difficulties.
Insights
TL;DR: Board seeks flexible 1-for-5–15 reverse split to avert Nasdaq delisting; modestly positive if it restores bid price, neutral otherwise.
The filing is defensive rather than transformative. A reverse split is a common cure for sub-$1 stocks; it neither improves fundamentals nor raises capital but preserves market access. Flexibility across 11 ratios lets the Board match prevailing prices and minimise post-split volatility. Because authorisation covers only 12 months and may be abandoned, dilution risk is limited to micro-rounding of fractional shares. The move could attract institutions barred from penny stocks and keep CLSD eligible for index inclusion, yet liquidity may fall as the float contracts and odd-lots rise. Success hinges on sustaining a >$1.00 price; history shows reverse splits often fade if unaccompanied by operating catalysts. Overall impact viewed as guardedly positive but not value-creating.
TL;DR: Proposal follows best-practice—single agenda item, proportional auth-share cut, routine vote; governance risks appear low.
The Board’s design addresses shareholder dilution concerns by pairing the split with an authorised share reduction, avoiding an inflated share reserve that could facilitate future issuances without approval. Voting thresholds are standard and broker discretion ensures likely passage. Cash-out for fractional shares is at a transparent 5-day VWAP, limiting dispute risk. Anti-takeover effects are acknowledged but minimal given reduced authorised pool. No insider entrenchment signals emerge; executives collectively own only 6.7 % pre-split. From a governance lens, the measure is procedurally sound and shareholder-friendly.
Clearside Biomedical, Inc. (CLSD) ha pubblicato una Dichiarazione Definitiva di Procuratore (DEF 14A) per una Assemblea Straordinaria il 29 agosto 2025. Il Consiglio chiede ai detentori delle 78,5 milioni di azioni in circolazione (data di registrazione: 28 luglio 2025) di approvare una singola azione societaria:
- Proposta 1 – Raggruppamento Azionario Inverso e Riduzione delle Azioni Autorizzate: autorizza il Consiglio, a sua discrezione entro 12 mesi, a combinare le azioni in qualsiasi rapporto da 1-aziona ogni 5 a 1-aziona ogni 15 e contemporaneamente ridurre proporzionalmente le azioni ordinarie autorizzate dall'attuale 400 milioni a un intervallo tra 80 milioni e 26,7 milioni, mantenendo il valore nominale ($0,001).
Motivazione: CLSD non rispetta il prezzo minimo di offerta di $1,00 richiesto da Nasdaq dal 7 febbraio 2025 e prevede una notifica di esclusione dopo il 6 agosto 2025. La direzione ritiene che un prezzo azionario più alto a seguito del raggruppamento inverso sia la soluzione più pratica per tornare in regola e mantenere la quotazione sul Nasdaq Global Market, proteggendo così la liquidità e le opzioni di finanziamento.
Modalità di voto: La proposta passa con la maggioranza semplice dei voti espressi; poiché è considerata “di routine” secondo le regole NYSE, i broker possono votare per conto delle azioni street-name non istruite. Non sono previsti voti non espressi dai broker. Il quorum è superiore al 50% delle azioni in circolazione (≥39,26 milioni). Non si applicano diritti di dissenso.
Effetti: Il numero di azioni, i pool di opzioni e la capacità ATM si ridurranno proporzionalmente; le azioni frazionarie saranno liquidate al prezzo medio di mercato degli ultimi 5 giorni. Le percentuali di proprietà e i diritti rimangono invariati. Il Consiglio può rinunciare o posticipare il raggruppamento se il prezzo torna a rispettare i requisiti autonomamente.
Clearside Biomedical, Inc. (CLSD) ha emitido una Declaración Definitiva de Poder (DEF 14A) para una Junta Especial el 29 de agosto de 2025. La Junta solicita a los titulares de las 78.5 millones de acciones en circulación (fecha de registro: 28 de julio de 2025) que aprueben una única acción corporativa:
- Propuesta 1 – División Inversa de Acciones y Reducción de Acciones Autorizadas: autoriza a la Junta, a su discreción dentro de 12 meses, a combinar acciones en cualquier proporción de 1 por 5 a 1 por 15 y simultáneamente reducir proporcionalmente las acciones comunes autorizadas desde las actuales 400 millones a un rango de 80 millones a 26.7 millones, preservando el valor nominal ($0.001).
Justificación: CLSD ha incumplido con el precio mínimo de oferta de Nasdaq de $1.00 desde el 7 de febrero de 2025 y espera un aviso de exclusión después del 6 de agosto de 2025. La gerencia considera que un precio de acción más alto tras la división inversa es el camino más práctico para recuperar el cumplimiento y mantener la cotización en Nasdaq Global Market, protegiendo así la liquidez y las opciones de financiamiento.
Mecánica de votación: La propuesta se aprueba con mayoría simple de los votos emitidos; dado que se considera “de rutina” según las reglas de NYSE, los corredores pueden votar acciones street-name no instruidas. No se esperan votos no emitidos por corredores. El quórum es >50% de las acciones en circulación (≥39.26 millones). No aplican derechos de disidencia.
Efectos: El conteo de acciones, los grupos de opciones y la capacidad ATM se reducirán proporcionalmente; las acciones fraccionarias se pagarán en efectivo al precio promedio del mercado de 5 días. Los porcentajes de propiedad y derechos permanecen sin cambios. La Junta puede abandonar o aplazar la división si se recupera el cumplimiento del precio de forma independiente.
Clearside Biomedical, Inc. (CLSD)는 2025년 8월 29일 특별 주주총회를 위한 확정 위임장(DEF 14A)을 발행했습니다. 이사회는 2025년 7월 28일 기준으로 7,850만 주의 발행 주식 보유자들에게 단일 기업 조치를 승인해 줄 것을 요청하고 있습니다:
- 제안 1 – 역병합 및 승인 주식수 감축: 이사회가 재량에 따라 12개월 이내에 주식을 5대 1에서 15대 1까지의 비율로 병합하고 동시에 현재 4억 주인 승인 보통주를 8,000만 주에서 2,670만 주 사이로 비례 감축하며 액면가는 ($0.001) 유지하도록 승인합니다.
배경: CLSD는 2025년 2월 7일부터 나스닥 최소 입찰가 $1.00 미달 상태이며 2025년 8월 6일 이후 상장폐지 통지를 받을 것으로 예상됩니다. 경영진은 역병합 후 주가 상승이 규정 준수를 회복하고 나스닥 글로벌 마켓 상장을 유지하는 가장 실용적인 방법이라고 판단하여 유동성과 자금 조달 옵션을 보호하려 합니다.
투표 방식: 제안은 투표된 표의 단순 과반수로 통과됩니다; NYSE 규정상 “일상적”으로 간주되어 중개인은 지시 없는 스트리트 네임 주식에 대해 투표할 수 있습니다. 중개인의 무투표는 예상되지 않습니다. 정족수는 발행 주식의 50% 초과(≥3,926만 주)입니다. 반대권은 적용되지 않습니다.
영향: 주식 수, 옵션 풀 및 ATM 용량이 비례하여 축소되며, 소수 주식은 5일 평균 시장 가격으로 현금화됩니다. 소유 지분 및 권리는 변동 없습니다. 이사회는 가격 규정 준수가 독자적으로 회복되면 병합을 철회하거나 연기할 수 있습니다.
Clearside Biomedical, Inc. (CLSD) a publié une Déclaration de Procuration Définitive (DEF 14A) pour une Réunion Spéciale le 29 août 2025. Le Conseil d'administration demande aux détenteurs des 78,5 millions d'actions en circulation (date d'enregistrement : 28 juillet 2025) d'approuver une action unique de la société :
- Proposition 1 – Regroupement Inverse d'Actions & Réduction des Actions Autorisées : autorise le Conseil, à sa discrétion dans un délai de 12 mois, à regrouper les actions selon un ratio allant de 1 pour 5 à 1 pour 15 et à réduire simultanément le nombre d'actions ordinaires autorisées de 400 millions à une fourchette de 80 millions à 26,7 millions, en conservant la valeur nominale (0,001 $).
Justification : CLSD ne respecte plus depuis le 7 février 2025 le prix minimum d'offre de 1,00 $ exigé par le Nasdaq et s'attend à recevoir un avis de radiation après le 6 août 2025. La direction estime qu'un prix de l'action plus élevé suite au regroupement inverse est la solution la plus pratique pour retrouver la conformité et maintenir la cotation sur le Nasdaq Global Market, protégeant ainsi la liquidité et les options de financement.
Mécanique de vote : La proposition est adoptée à la majorité simple des votes exprimés ; étant considérée comme « routinière » selon les règles du NYSE, les courtiers peuvent voter pour les actions en nom de rue non instruites. Aucun vote non exprimé par les courtiers n'est attendu. Le quorum est supérieur à 50 % des actions en circulation (≥39,26 millions). Aucun droit de dissidence ne s'applique.
Effets : Le nombre d'actions, les pools d'options et la capacité ATM seront réduits proportionnellement ; les actions fractionnaires seront payées en espèces au prix moyen du marché sur 5 jours. Les pourcentages de propriété et les droits restent inchangés. Le Conseil peut abandonner ou reporter le regroupement si la conformité du prix est rétablie de manière autonome.
Clearside Biomedical, Inc. (CLSD) hat eine Verbindliche Vollmachtsmitteilung (DEF 14A) für eine Sonderversammlung am 29. August 2025 herausgegeben. Der Vorstand bittet die Inhaber der 78,5 Mio. ausstehenden Aktien (Stichtag: 28. Juli 2025), eine einzige Unternehmensmaßnahme zu genehmigen:
- Vorschlag 1 – Aktiensplit im Verhältnis rückwärts & Reduzierung der genehmigten Aktien: Ermächtigt den Vorstand, innerhalb von 12 Monaten nach eigenem Ermessen Aktien im Verhältnis von 1 zu 5 bis 1 zu 15 zusammenzulegen und gleichzeitig die genehmigten Stammaktien proportional von derzeit 400 Mio. auf 80 Mio. bis 26,7 Mio. zu reduzieren, wobei der Nennwert ($0,001) erhalten bleibt.
Begründung: CLSD erfüllt seit dem 7. Februar 2025 nicht mehr die Nasdaq-Mindestgebotspreisregel von 1,00 $ und erwartet nach dem 6. August 2025 eine Delisting-Benachrichtigung. Das Management ist der Ansicht, dass ein höherer Aktienkurs nach dem Aktiensplit der praktischste Weg ist, um die Compliance wiederherzustellen und die Notierung am Nasdaq Global Market zu erhalten, wodurch Liquidität und Finanzierungsmöglichkeiten geschützt werden.
Abstimmungsmodalitäten: Der Vorschlag wird mit einfacher Mehrheit der abgegebenen Stimmen angenommen; da er gemäß NYSE-Regeln als „routine“ gilt, können Broker bei nicht instruierten Street-Name-Aktien abstimmen. Keine Broker-Non-Votes werden erwartet. Das Quorum liegt bei >50 % der ausstehenden Aktien (≥39,26 Mio.). Kein Widerspruchsrecht ist anwendbar.
Auswirkungen: Aktienanzahl, Optionspools und ATM-Kapazität werden proportional schrumpfen; Bruchteile von Aktien werden zum 5-Tage-Durchschnittskurs ausgezahlt. Eigentumsanteile und Rechte bleiben unverändert. Der Vorstand kann den Split aufgeben oder verschieben, falls die Kurskonformität unabhängig wiederhergestellt wird.
UNITED STATES
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Name of Each Exchange on which Registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
ATM Updates
On August 4, 2025, MicroStrategy Incorporated d/b/a Strategy (“Strategy” or the “Company”) announced updates with respect to its at-the-market offering programs:
ATM Program Summary |
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During Period July 28, 2025 to August 3, 2025 |
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As of August 3, 2025 |
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Shares Sold |
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Notional Value (in millions) (1) |
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Net Proceeds (in millions) (2) |
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Available for Issuance and Sale (in millions) |
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Common ATM |
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-
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- |
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-
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$17,042.7 |
Securities Offered: Class A Common Stock, $0.001 par value per share (“MSTR Shares”) |
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Size: $21 billion |
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Established: May 1, 2025 |
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STRK ATM |
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- |
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- |
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-
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$20,450.2 |
Securities Offered: 8.00% series A perpetual strike preferred stock, $0.001 par value per share (“STRK Shares”) Size: $21 billion Established: March 10, 2025 |
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STRF ATM |
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-
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- |
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-
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$1,881.1
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Securities Offered: 10.00% series A perpetual strife preferred stock, $0.001 par value per share (“STRF Shares”) Size: $2.1 billion Established: May 22, 2025 |
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STRD ATM
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-
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- |
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- |
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$4,182.0 |
Securities Offered: 10.00% series A perpetual stride preferred stock, $0.001 par value per share (“STRD Shares”) Size: $4.2 billion Established: July 7, 2025 |
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STRC ATM |
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- |
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- |
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- |
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$4,200.0 |
Securities Offered: Variable rate series A perpetual stretch preferred |
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stock, $0.001 par value per share (“STRC Shares”) Size: $4.2 billion Established: July 31, 2025 |
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Total
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- |
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(1) The total face value of the shares of preferred stock sold, which is used to calculate dividends thereon.
(2) Net proceeds are presented net of sales commission.
STRC Perpetual Preferred Stock
As previously disclosed, on July 29, 2025, the Company completed its previously announced public offering of 28,011,111 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (the “STRC Offering”) at a public offering price of $90.00 per share. The gross proceeds from the STRC Offering were approximately $2.521 billion and the net proceeds from the STRC Offering were approximately $2.47 billion, after deducting the underwriting discounts and commissions and the Company’s estimated offering expense.
BTC Update
On August 4, 2025, Strategy announced updates with respect to its bitcoin holdings:
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During Period July 28, 2025 to August 3, 2025 |
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As of August 3, 2025 |
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BTC Acquired (1) |
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Aggregate Purchase Price (in billions) (2) |
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Average Purchase Price (2) |
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Aggregate BTC Holdings |
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Aggregate Purchase Price (in billions) (2) |
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Average Purchase Price (2) |
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21,021 |
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$ |
2.46 |
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$ |
117,256 |
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628,791 |
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$ |
46.08 |
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$ |
73,277 |
(1) The bitcoin purchases were made using proceeds from the STRC Offering.
(2) Aggregate and average purchase prices are inclusive of fees and expenses.
Item 7.01 Regulation FD Disclosure.
Strategy Dashboard
The Company also maintains a dashboard on its website (www.strategy.com) as a disclosure channel for providing broad, non-exclusionary distribution of information regarding the Company to the public, including information regarding market prices of its outstanding securities, bitcoin purchases and holdings, certain KPI metrics and other supplemental information, and as one means of disclosing non-public information in compliance with its disclosure obligations under Regulation FD. Investors and others are encouraged to regularly review the information that the Company makes public via the website dashboard.
Furnished Information
The information disclosed pursuant to Item 7.01 in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: August 4, 2025 |
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MicroStrategy Incorporated (Registrant) |
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By: |
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/s/ W. Ming Shao |
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Name: |
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W. Ming Shao |
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Title: |
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Executive Vice President & General Counsel |
FAQ
Why does CLSD want a reverse stock split?
What split ratios are being proposed for Clearside Biomedical (CLSD)?
Will the number of authorised CLSD shares change?
How will fractional shares be handled after the reverse split?
What vote is required for Proposal 1 to pass at the August 29, 2025 meeting?
When is the record date for voting on the CLSD special meeting?
