Company: CIFRW
Filing Date: 2025-01-30
Form Type: 8-K
Source: 0001193125-25-017265
Chunk: 0

Company: Cipher Mining Inc.
Filing Date: 2025-01-30
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01      Entry into a Material Definitive Agreement.  

Subscription Agreement

On January 30, 2025 (the “ Issuance Date”), Cipher Mining Inc. (the “ Company” or “ Cipher”) entered into a subscription agreement (the “ Subscription Agreement”) with Star Beacon LLC, a wholly owned subsidiary of SoftBank Group Corp. (“ SoftBank”), pursuant to which, among other things, SoftBank agreed to subscribe for and purchase from the Company, and the Company agreed to issue and sell to SoftBank, an aggregate of approximately 10,438,413 newly issued shares of the Company’s common stock, par value $0.001 (“ Common Stock”), at a per share purchase price of $4.79 for an aggregate purchase price of approximately $50 million, on the terms and subject to the conditions set forth therein (the “ PIPE Transaction”). The issuance and sale of the Common Stock contemplated by the Subscription Agreement was completed on the Issuance Date. Additionally, the Company agreed that, prior to February 28, 2025, it would not enter into binding definitive documentation with respect to the sale, transfer, divestiture or encumbrance of the Company’s Barber Lake property with any person other than SoftBank and its affiliates (subject to customary exceptions).

The foregoing description of the Subscription Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Subscription Agreement, a copy of which is attached as Exhibit 10.1 hereto and is incorporated by reference herein.

Registration Rights Agreement

In connection with the PIPE Transaction, the Company and SoftBank entered into a registration rights agreement (the “ Registration Rights Agreement”) on the Issuance Date in respect of the Common Stock (the “ Registrable Securities”) acquired in the PIPE Transaction. Pursuant to the Registration Rights Agreement, the Company will be required to file a shelf registration statement with the Securities and Exchange Commission for the offer and sale of the Registrable Securities no later than the later of (i) the 30th calendar day following the Issuance Date, and (ii) the 5th calendar day following the date the Company files its annual report on Form 10-Kfor its fiscal year ended December 31, 2024, and will be required to use its reasonable best efforts to cause such registration statement to become and remain effective so long as any Registrable Securities remain outstanding. Furthermore, under the Registration Rights Agreement, SoftBank will have certain customary