MicroStrategy shareholders' meeting will vote on plans to increase share issuance on January 21
2025-01-17 15:00:46
Michael Saylor of MicroStrategy Inc. could soon own nearly as many shares of common stock as market giants Amazon.com and Alphabet Inc. to fund the company's large-scale bitcoin purchases. Analysts expect MicroStrategy to easily pass a company-sponsored proposal to increase the number of Class A common shares from 330 million to 10.30 billion when shareholders vote on January 21. Saylor controls about 47% of the voting power. That would give MicroStrategy the potential to have more shares outstanding than all companies in the Nasdaq 100 except Nvidia, Apple, Alphabet and Amazon. The company's shareholders are also expected to pass an amendment on Jan. 21 that would increase the number of authorized preference shares from 5 million to 1 billion. MicroStrategy plans to use the issue to fund private transactions in Class A shares, conduct market sale equity offerings, and settle redemptions or conversions of convertible bonds, according to the engagement letter.
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