Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 19

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 19
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 rating or adversely affect our capital structure and the trading price of the notes. The increase to the conversion rate resulting from a make-wholefundamental change may not adequately compensate noteholders for the lost option value of their notes. In addition, a variety of transactions that do not constitute a make-wholefundamental change may significantly reduce the option value of the notes without a corresponding increase to the conversion rate. If certain corporate events that constitute a “make-wholefundamental change” occur, then we will, in certain circumstances, temporarily increase the conversion rate. See “Description of Notes—Conversion Rights—Increase in Conversion Rate in Connection with a Make-WholeFundamental Change.” The amount of the increase to the conversion rate will depend on the date on which the make-wholefundamental change becomes effective and the applicable “stock price.” While the increase to the conversion rate is designed to compensate noteholders for the lost option value of their notes resulting from a make-wholefundamental change, the increase is only an approximation and may not adequately compensate noteholders for the loss in option value. In addition, if the applicable “stock price” is greater than $50.00 per share or less than $3.42 per share (in each case, subject to adjustment), then we will not increase the conversion rate for the make-wholefundamental change. Moreover, we will not increase the conversion rate pursuant to these provisions to an amount that exceeds 292.3976 shares of our common stock per $1,000 principal amount of notes, subject to adjustment. Furthermore, the definition of make-wholefundamental change is limited to certain specific transactions. Accordingly, the make-wholefundamental change provisions of the indenture will not protect noteholders from S-9

other transactions that could significantly reduce the option value of the notes. For example, a spin-off or sale of a subsidiary or business division with
volatile earnings, or a change in our line of business, could significantly affect the trading characteristics of our common stock and reduce the option value of the notes without constituting a make-whole
fundamental change that results in a temporary increase to the conversion rate.

In addition, our obligation to increase the conversion rate in connection
with a make-whole fundamental change could be considered a penalty, in which case its enforceability would be subject to general principles of reasonableness and equitable remedies.

There is currently no trading market for the notes. If an active trading market for the notes does not develop, then not