Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 12

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 12
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 of our common stock or a combination of cash and shares of our common stock, at our election, based on the applicable conversion rate(s).                     
 If we elect to deliver cash or a combination of cash and shares of our common stock, then the consideration due upon conversion will be based on an observation period consisting of 30 “VWAP trading days” (as defined in this prospectus    
 supplement). The initial conversion rate is 224.9213 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $4.45 per share, and is subject to adjustment as described in this prospectus 
 supplement.                                                                                                                                                                                                                                   |

| If a “make-whole fundamental change” (as defined in this prospectus supplement) occurs, then we will in certain circumstances increase the conversion rate for a specified period of time. |

| See “Description of Notes—Conversion Rights.” |

| Optional Redemption | The notes will be redeemable, in whole or in part (subject to certain limitations described below), at our option at any time, and from time to time, on                                                                                            
 or after May 22, 2028 and on or before the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but 
 excluding, the redemption date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading  
 days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (2) the trading day immediately before the date we send such notice. However, we may not redeem less than all of the          
 outstanding notes unless at least $50.0 million aggregate principal amount of notes are outstanding and not called for redemption as of the time we send the related redemption notice. In                                                          |

S-4

| addition, calling any note for redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of that note 
 will be increased in certain circumstances if it is converted after it is called for redemption. See “Description of Notes—Optional Redemption.”                                                 |

| Repurchase at the Option of the Noteholders After a Fundamental Change | If a “fundamental change” (as defined