Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 115

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 115
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by exercising the option or purchasing the notes in the open market. In determining the source of notes to close out a covered short sale, the underwriters will consider, among other things, the open market price of notes compared to the price
available under the option. The underwriters may also sell notes in excess of the option, creating a naked short position. The underwriters must close out any naked short position by purchasing notes in the open market. A naked short position is
more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the notes in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of
facilitating this offering, the underwriters may bid for, and purchase, notes or shares of common stock in the open market to stabilize the price of the notes or our common stock. These activities may raise or maintain the market price of the notes
or our common stock above independent market levels or prevent or retard a decline in the market price of the notes or our common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.

S-73

We and the underwriters have agreed to indemnify each other against certain liabilities,
including liabilities under the Securities Act.

A prospectus supplement in electronic format may be made available on websites maintained
by one or more underwriters, or selling group members, if any, participating in this offering. The representative may agree to allocate a number of notes to underwriters for sale to their online brokerage account holders. Internet distributions will
be allocated by the representative to underwriters that may make Internet distributions on the same basis as other allocations.

The
underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment
research, principal investment, hedging, financing and brokerage activities. One of the underwriters of this offering acts as a delta offering underwriter in the concurrent delta offering, as described in “The Concurrent Delta Offering”
section of this prospectus supplement and we will pay a fee of $0.0570 per share of our common stock sold by it as a delta offering underwriter in the concurrent delta offering. The delta offering underwriter or its affiliates, as a derivatives
dealer, is expected to facilitate privately negotiated transactions with certain convertible arbitrage investors seeking a short exposure to shares of our common stock through a derivative, to facilitate