Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 51

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 51
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 |     | a distribution 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 increased based on the following formula: where:

| CR0 |     | = |     | the conversion rate in effect immediately before the open of business on the ex-dividend date for such distribution;                                                                         |
| CR1 |     | = |     | the conversion rate in effect immediately after the open of business on such ex-dividend date;                                                                                               |
| SP  |     | = |     | the average of the last reported sale prices per share of our common stock for the 10 consecutive trading days ending on, and including, the trading day immediately before such ex-dividend 
 date; and                                                                                                                                                                                    |
| FMV |     | = |     | the fair market value (as determined by us in good faith and in a commercially reasonable manner), as of such ex-dividend date, of the shares of capital stock, evidences of indebtedness,   
 assets, property, rights, options or warrants distributed per share of our common stock pursuant to such distribution.                                                                       |

S-32

However, if FMVis equal to or greater than SP, then, in lieu of the foregoing adjustment to the conversion rate, each noteholder will receive, for each $1,000 principal amount of notes held by such noteholder on the record date for such distribution, at the same time and on the same terms as holders of our common stock, the amount and kind of shares of capital stock, evidences of indebtedness, assets, property, rights, options or warrants that such noteholder would have received in such distribution if such noteholder had owned, on such record date, a number of shares of our common stock equal to the conversion rate in effect on such record date. To the extent such distribution is not so paid or made, the conversion rate will be readjusted to the conversion rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid.

| (b) | Spin-Offs. If we distribute or dividend shares of capital stock of any class or series, or similar                                                                                                                                       
 equity interests, of or relating to an “affiliate” or “subsidiary” (as those terms are defined below under the caption “—Definitions”) or other business unit of ours to all or substantially