Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 56

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 56
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 the delivery of shares of our common stock, if any, in respect of the notes (or, in some circumstances, any payments on our common stock) or sales proceeds received by, or other funds or assets of, that holder or beneficial owner. For a discussion of the U.S. federal income tax treatment of an adjustment to the conversion rate, see “Certain Material United States Federal Income Tax Considerations.” The Deferral Exception If an adjustment to the conversion rate otherwise required by the indenture would result in a change of less than 1% to the conversion rate, then we may, at our election, defer and carry forward such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest of the following: (i) when all such deferred adjustments would, had they not been so deferred and carried forward, result in a change of at least 1% to the conversion rate; (ii) the conversion date of, or any VWAP trading day of an observation period for, any note; (iii) the date a fundamental change or make-whole fundamental change occurs; (iv) the date we call any notes for redemption; and (v) February 15, 2030. We refer to our ability to defer adjustments as described above as the “deferral exception.” Special Provisions for Adjustments that Are Not Yet Effective and Where Converting Noteholders Participate in the Relevant Transaction or Event Notwithstanding anything to the contrary, if:

| • |     | a note is to be converted pursuant to physical settlement or combination settlement; |

| • |     | the record date, effective date or expiration time for any event that requires an adjustment to the conversion 
 rate pursuant to the provisions described above under the caption “—Conversion Rate                            |

S-36

| Adjustments—Generally” has occurred on or before the conversion date for such conversion (in the case of physical settlement) or on or before any VWAP trading day in the observation                                   
 period for such conversion (in the case of combination settlement), but an adjustment to the conversion rate for such event has not yet become effective as of such conversion date or VWAP trading day, as applicable; |

| • |     | the consideration due upon such conversion includes any whole shares of our common stock (in the case of physical                                               
 settlement) or due in respect of such VWAP trading day includes any whole or fractional shares of our common stock (in the case of combination settlement); and |

| • |     | such shares are not