Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 53

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 53
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 including, such VWAP trading day; and (ii) if the conversion date for a note whose conversion will be settled pursuant to physical settlement occurs during the spin-offvaluation period for such spin-off,then, solely for purposes of determining the consideration due in respect of such conversion, such spin-offvaluation period will be deemed to consist of the trading days occurring in the period from, and including, the ex-dividenddate for such spin-offto, and including, such conversion date. S-33

To the extent any dividend or distribution of the type described above in this paragraph (3)(b) is declared but not made or paid, the conversion rate will be readjusted to the conversion rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid.

| (4) | Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially       
 all holders of our common stock, then the conversion rate will be increased based on the following formula: |

where:

| CR0 |     | = |     | the conversion rate in effect immediately before the open of business on the ex-dividend date for such dividend or distribution; |
| CR1 |     | = |     | the conversion rate in effect immediately after the open of business on such ex-dividend date;                                   |
| SP  |     | = |     | the last reported sale price per share of our common stock on the trading day immediately before such ex-dividend date; and      |
| D   |     | = |     | the cash amount distributed per share of our common stock in such dividend or distribution.                                      |

However, if Dis equal to or greater than SP, then, in lieu of the foregoing adjustment to the conversion rate, each noteholder will receive, for each $1,000 principal amount of notes held by such noteholder on the record date for such dividend or distribution, at the same time and on the same terms as holders of our common stock, the amount of cash that such noteholder would have received in such dividend or distribution if such noteholder had owned, on such record date, a number of shares of our common stock equal to the conversion rate in effect on such record date. To the extent such dividend or distribution is declared but not made or paid, the conversion rate will be readjusted to the conversion rate that would then be in effect had the adjustment been made on the basis of