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Item 3.03Item 3.03 - Material Modification to Rights
Item 3.03. Material Modifications to Rights of Security Holders.
As previously disclosed,
Strive, Inc. (the "Company") entered into an underwriting agreement (the “Underwriting Agreement”) with Barclays
Capital Inc. and Cantor Fitzgerald & Co., as the joint book-running managers and representatives of the several underwriters, relating
to the issuance and sale in an underwritten offering (the “Offering”) of 7,000,000 shares (the “Shares”) of the
Company’s 15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share (the “SATS Stock”).
In connection with the
issuance of the SATS Stock, Strive filed a Certificate of Designation (the “Certificate of Designation”) with the Nevada Secretary
of State on October 19, 2026 designating 17,000,000 shares, and establishing the terms, of the SATS Stock.
The SATS Stock accumulates
cumulative dividends (“regular dividends”) at a rate per annum equal to 15.00% on the stated amount of $100 per share (the
“stated amount”) thereof. Regular dividends will be payable when, as and if declared by Strive’s board of directors
(“Board”) or any duly authorized committee thereof, out of funds legally available for their payment, in arrears for each
regular dividend period on each regular dividend payment date to stockholders of record as of the close of business on the regular record
date immediately preceding the applicable regular dividend payment date. Regular dividend dates will fall on each business day, as defined
in the governing documentation for the SATS Stock, beginning on November 9, 2026. If declared in full, the first scheduled regular dividend
on the SATS Stock payable will include all accrued and unpaid dividends from and after the closing date. No dividend, interest or other
amount will accumulate or accrue on any unpaid regular dividends, regardless of whether regular dividends are declared for any future
regular dividend period. Declared regular dividends on the SATS Stock will be payable solely in cash in the manner, and subject to the
provisions, described in the Certificate of Designation.
At the closing of the
Offering, Strive increased its existing dividend reserve in an amount equal to the first 18 months of dividend payments calculated as
of the date of the Offering and deposited an equivalent of $22.50 per share of SATS Stock into an account funded by the Company with a
combination of existing cash on hand and securities (based on the value of such securities at the closing of this Offering).
The SATS Stock has a
par value of $0.001 per share and initially has a liquidation preference of $100 per share, subject to adjustment as set forth below (the
“Liquidation Preference”). The SATS Stock ranks senior to Strive’s Class A common stock, $0.001 par value per share
(the “Class A Common Stock”) and Class B common stock, $0.001 par value per share (the “Class B Common Stock”),
with respect to the payment of dividends and the distribution of assets upon Strive’s liquidation, dissolution or winding up. If
Strive liquidates, dissolves or winds up, whether voluntarily or involuntarily, then the holders of SATS Stock will be entitled to receive
payment for the Liquidation Preference of, and all accumulated and unpaid regular dividends and any compounded dividends on, their shares
of SATS Stock out of Strive’s assets or funds legally available for distribution to its stockholders, before any such assets or
funds are distributed to, or set aside for the benefit of, holders of the Class A Common Stock and Class B Common Stock or other junior
stock. The SATS Stock is junior to Strive’s Variable Rate Perpetual Preferred Stock (the “SATA Stock”) existing and
future indebtedness and structurally junior to the liabilities of Strive’s subsidiaries and subject to the rights and preferences
of any other class or series of preferred stock then outstanding.
The Liquidation Preference of the SATS Stock is
initially $100 per share; provided, however, that, effective immediately after the close of business on each business day after the initial
issue date (and, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of SATS
Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such
business day), the Liquidation Preference per share of SATS Stock will be adjusted to be the greatest of (i) the stated amount per share
of SATS Stock; (ii) in the case of any business day with respect to which Strive has, on such business day or any business day during
the ten trading day period preceding such business day, executed any sale transaction to be settled by the issuance of SATS Stock, an
amount equal to the last reported sale price per share of SATS Stock on the trading day immediately before such business day; and (iii)
the arithmetic average of the last reported sale prices per share of SATS Stock for each trading day of the ten consecutive trading days
(or, if applicable, the lesser number of trading days as have elapsed during the period from, and including, the initial issue date to,
but excluding, such business day) immediately preceding such business day.
Strive has the right,
at its election, to redeem all, but not less than all, of the SATS Stock, at any time, for cash if the total number of shares of all SATS
Stock then outstanding is less than 25% of the total number of shares of SATS Stock originally issued in the Offering and in any future
offering, taken together. In addition, Strive has the right to redeem all, but not less than all, of the SATS Stock if certain tax events
occur. The redemption price for any SATS Stock to be redeemed will be a cash amount equal to the Liquidation Preference of the SATS Stock
to be redeemed as of the business day before the date on which Strive provides the related redemption notice, plus accumulated and unpaid
regular dividends, if any, thereon to, and including, the redemption date.
If an event that constitutes
a “Fundamental Change” under the Certificate of Designation governing the SATS Stock occurs, then holders of the SATS Stock
will have the right to require Strive to repurchase some or all of their shares of SATS Stock at a cash repurchase price equal to the
stated amount of the SATS Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including, the Fundamental
Change repurchase date.
The SATS Stock has voting
rights with respect to certain amendments to Strive’s articles of incorporation or the Certificate of Designation, certain business
combination transactions and certain other matters. However, holders of the SATS Stock will not always be entitled to vote with holders
of Class A Common Stock on matters on which holders of Class A Common Stock are entitled to vote.
The above description
of the Certificate of Designation and the terms of the SATS Stock is a summary and is not complete. A copy of the Certificate of Designation
and the form of the certificate representing the SATS Stock are filed as Exhibits 3.1 and 4.1, respectively, to this Current Report on
Form 8-K, and the above summary is qualified by reference to the terms of the Certificate of Designation and the SATS Stock set forth
in such exhibits.
Item 5.03Item 5.03 - Amendments to Articles/Bylaws
Item 5.03. Amendments to Articles of Incorporation or Bylaws.
The information set forth above
in this Current Report under Item 3.03 is incorporated by reference into this Item 5.03.
Item 8.01Item 8.01 - Other Events
Item 8.01. Other Events.
On October 20, 2026, the Company issued a press release relating to the closing of the Offering. A copy of the press release
is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference.
Neither this Current Report on
Form 8-K nor the press release attached hereto constitute an offer to sell or the solicitation of an offer to buy any securities.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements herein and the press release
attached hereto may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform
Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 175 promulgated thereunder,
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 3b-6 promulgated thereunder,
which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, express
or implied statements regarding the outlook and expectations of Strive and its subsidiaries, the strategic benefits and financial benefits
of the merger transaction with Semler Scientific, Inc. (the “merger transaction”), including the expected impact of the merger
transaction on Strive’s future financial performance, the ability to successfully integrate the combined businesses, and the anticipated
use of proceeds of the offering. Such statements are often characterized by the use of qualified words (and their derivatives) such as
“may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,”
“contemplate,” “expect,” “estimate,” “continue,” “plan,” “project,”
“predict,” “potential,” “assume,” “forecast,” “target,” “budget,”
“outlook,” “trend,” “guidance,” “objective,” “goal,” “strategy,”
“opportunity,” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgments
of Strive and its respective management team about future events. Forward-looking statements are based on assumptions as of the time they
are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood
and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such
forward-looking statements as a result of various important factors. Other risks, uncertainties and assumptions, including, among others,
the following:
the outcome of any legal proceedings that may be instituted against Strive or its subsidiaries;
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the possibility that the anticipated benefits of the merger transaction are not realized when expected
or at all, including as a result of changes in, or problems arising from, implementation of Bitcoin treasury strategies and risks associated
with Bitcoin and other digital assets, general economic and market conditions, interest and exchange rates, monetary policy, and laws
and regulations and their enforcement;
the diversion of management’s attention from ongoing business operations and opportunities;
dilution caused by Strive’s issuance of additional shares of its SATS Stock, Class A Common Stock
or SATA Stock;
potential adverse reactions of Strive’s clients and customers or changes to business or employee
relationships, including those resulting from the completion of the merger transaction; and
other factors that may affect future results of Strive or the future trading performance of its SATS Stock,
Class A Common Stock or SATA Stock.
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These factors are not necessarily all of the factors
that could cause Strive’s actual results, performance or achievements to differ materially from those expressed in or implied by
any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Strive’s results.
Although Strive believes that its expectations
with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business
and operations, there can be no assurance that the actual results of Strive will not differ materially from any projected future results
expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described
above can be found in Strive’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and quarterly reports on Form
10-Q, and other documents subsequently filed by Strive with the SEC.
The actual results anticipated may not be realized
or, even if substantially realized, they may not have the expected consequences to or effects on Strive or its businesses or operations.
Investors are cautioned not to rely too heavily on any such forward-looking statements. Forward-looking statements contained herein and
the press release attached hereto speak only as of the date hereof, and Strive undertakes no obligation to update or clarify these forward-looking
statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
No Offer or Solicitation
Neither this Current Report on Form 8-K nor the
press release attached hereto is intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.