Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 48

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 48
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 our common stock equal to the product of (i) the conversion rate in effect on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of notes held by such noteholder on such date.

| (1) | Stock Dividends, Splits and Combinations. If we issue solely shares of our common stock as a dividend or                                                                                                                                          
 distribution on all or substantially all shares of our common stock, or if we effect a stock split or a stock combination of our common stock (in each case excluding an issuance solely pursuant to a common stock change event, as to which the 
 provisions described below under the caption “—Effect of Common Stock Change Event” will apply), then the conversion rate will be adjusted based on the following formula:                                                                        |

S-30

where:

| CR0 |     | = |     | the conversion rate in effect immediately before the open of business on the ex-dividend date for such dividend or distribution, or immediately before the open of business on the effective    
 date of such stock split or stock combination, as applicable;                                                                                                                                   |
| CR1 |     | = |     | the conversion rate in effect immediately after the open of business on such ex-dividend date or effective date, as applicable;                                                                 |
| OS0 |     | = |     | the number of shares of our common stock outstanding immediately before the open of business on such ex-dividend date or effective date, as applicable, without giving effect to such dividend, 
 distribution, stock split or stock combination; and                                                                                                                                             |
| OS1 |     | = |     | the number of shares of our common stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.                                          |

If any dividend, distribution, stock split or stock combination of the type described in this paragraph (1) is declared or announced, but not so paid or made, then the conversion rate will be readjusted, effective as of the date our board of directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the conversion rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced.

| (2) | Rights, Options and Warrants. If we distribute, to all or substantially all holders of our common stock,                                                                                                                                              
 rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which the provisions described below in paragraph