Item 1.01. Entry into a Material Definitive Agreement.

On September 9, 2022, MicroStrategy Incorporated (the "Company") entered into a Sales Agreement (the "Sales Agreement") with Cowen and Company, LLC and BTIG, LLC, as sales agents (the "Agents"), pursuant to which the Company may issue and sell shares of its class A common stock, $0.001 par value per share, having an aggregate offering price of up to $500,000,000 (the "Shares"), from time to time through the Agents (the "Offering"). Also, on September 9, 2022, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the Offering (the "Prospectus Supplement") under its existing automatic shelf registration statement, which became effective on June 14, 2021 (File No. 333-257087) (the "Registration Statement"), and the base prospectus contained therein.

Upon delivery of a placement notice, and subject to the terms and conditions of the Sales Agreement, the Agents may sell the Shares by methods deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. The Company may sell the Shares in amounts and at times to be determined by the Company from time to time subject to the terms and conditions of the Sales Agreement, but it has no obligation to sell any of the Shares in the Offering. The Company will only sell Shares through one Agent on any single day.

The Company or the Agents may suspend or terminate the Offering upon notice to the other parties and subject to other conditions. Each Agent will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of The Nasdaq Global Select Market.

The Company has agreed to pay the Agents' commissions for their respective services in acting as agents in the sale of the Shares in the amount of up to 2.0% of gross proceeds from the sale of the Shares pursuant to the Sales Agreement. The Company has also agreed to provide the Agents with customary indemnification and contribution rights.

A copy of the Sales Agreement is attached as Exhibit 1.1 hereto and is incorporated herein by reference. The foregoing description of the material terms of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.

Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares. A copy of such legal opinion, including the consent included therein, is attached as Exhibit 5.1 hereto.

The Shares are registered pursuant to the Registration Statement and the base prospectus contained therein, and offerings for the Shares will be made only by means of the Prospectus Supplement. This Current Report on Form 8-K shall not constitute an offer to sell or solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits

Exhibit
No.                                       Description

1.1            Sales Agreement, dated as of September 9, 2022, by and among the
             Company, Cowen and Company, LLC and BTIG, LLC

5.1            Opinion of Wilmer Cutler Pickering Hale and Dorr LLP

23.1           Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in
             Exhibit 5.1)

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document)

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