Strategy shareholders voted 99.3% in favor of letting the company's four preferred stocks accrue dividends every calendar day, including weekends and holidays. Michael Saylor announced the results Wednesday following a special shareholder meeting.
The amendment covers STRF, STRC, STRK and STRD preferred stocks. Every calendar day becomes a record date, with payment on the next business day. STRC begins first with a November 1 record date and November 2 payment. STRF, STRK and STRD follow with January 1 record dates and January 4 payments.
The change requires Strategy to file amended terms for each stock. Since U.S. markets close weekends, dividends with weekend or holiday record dates will be grouped together. The Depository Trust Company treats non-trading day record dates as falling on the previous business day, which also becomes the ex-dividend date on Nasdaq. An investor buying on Friday November 6 would miss dividends with record dates of November 6, 7, and 8 that pay together Monday November 9. Treatment may differ for shares traded off Nasdaq or held through some brokers.
Strategy proposed the change last month to dampen volatility in preferred shares. For STRC, it moves from 24 record dates yearly to 365. The stock traded at $99.86 Wednesday, below its $100 par value. Strategy paused Bitcoin buying last week and spent $204.9 million on STRC buybacks instead.