Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 100

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 100
---
 and certain obligations of withholding agents and filing and notice obligations of issuers with respect to such deemed distributions. If adopted as
proposed, the regulations would generally provide that (i) the amount of a deemed distribution is the excess of the fair market value of the right to acquire common stock immediately after the conversion rate adjustment over the fair market
value (determined immediately after the conversion rate adjustment) of the right to acquire common stock without the conversion rate adjustment, (ii) the deemed distribution occurs at the earlier of the date the conversion rate adjustment
occurs under the terms of the note and the date of the actual distribution of cash or property that results in the deemed distribution, (iii) subject to certain limited exceptions, a withholding agent is required to impose any applicable
withholding on deemed distributions and, if there is no associated cash payment, may set off its withholding obligations against subsequent payments on the notes or our common stock owned by you or from any proceeds of any subsequent sale, exchange
or other disposition of such notes (including the retirement of such notes), such common stock or other funds or assets held by you, and (iv) we may be required to report the amount of any deemed distributions on our website or to the IRS and
all U.S. holders of our notes (including holders that would otherwise be exempt from reporting). The final U.S. Treasury regulations will be effective for deemed distributions occurring on or after the date of adoption, but taxpayers may rely on
them prior to that date under certain circumstances. You are urged to consult your tax advisor regarding the proper treatment of adjustments (or failure to make adjustments) to the conversion rate and constructive distributions.

Distributions on Common Stock

Distributions, if
any, made on our common stock received upon conversion of a note (other than certain distributions of our common stock) generally will be included in your income as ordinary dividend income to the extent of our current or accumulated earnings and
profits, computed under U.S. federal income tax principles. Distributions in excess of our current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent of your tax
basis in our common stock and thereafter as capital gain from the sale or exchange of such common stock. Dividends received by a corporate U.S. holder may be eligible for a dividends-received deduction, subject to applicable limitations. Dividends
received by certain non-corporate U.S. holders (including individuals) are generally taxed at the lower applicable long-term capital gains rates,