Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 39

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 39
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| • |     | if we have specified a redemption date that is after such regular record date and on or before the second 
 scheduled trading day immediately after such interest payment date;                                       |

| • |     | if such conversion date occurs after the regular record date immediately before the maturity date; |

| • |     | if we have specified a “fundamental change repurchase date” (as defined below under the caption                                                                                                               
 “—Fundamental Change Permits Noteholders to Require Us to Repurchase Notes”) that is after such regular record date and on or before the second business day immediately after such interest payment date; or |

| • |     | to the extent of any special interest, overdue interest or interest that has accrued on any overdue interest. |

Accordingly, for the avoidance of doubt, all noteholders as of the close of business on the regular record date immediately before the maturity date will receive the full interest payment that would have been due on the maturity date regardless of whether their notes have been converted after such regular record date. When the Notes May Be Converted Noteholders may convert their notes only in the circumstances set forth below. However, in no event may notes be converted after the close of business on the second scheduled trading day immediately before the maturity date. Conversion Upon Satisfaction of Common Stock Sale Price Condition A noteholder may convert its notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on June 30, 2025, if the last reported sale price per share of our common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter. Conversion Upon Satisfaction of Note Trading Price Condition A noteholder may convert its notes during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) if the “trading price” (as defined below under the caption “—Definitions”) per $1,000 principal amount of notes, as determined following a request by a noteholder in accordance with the procedures described below, for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day. We refer to this condition as the “trading price condition.” The trading price