Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 14

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 14
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 beneficial takeover of us.

Certain provisions in the Notes and the
indenture that will govern the Notes in the Concurrent Notes Offering (the “indenture”) could make a third party attempt to acquire us more difficult or expensive. For example, if a takeover constitutes a “fundamental change”
(which will be defined in the indenture to include certain change of control events and the delisting of shares of our common stock), then, investors of the Notes in the Concurrent Notes Offering will have the right to require us to repurchase their
convertible Notes for cash. In addition, if a takeover constitutes a “make-whole fundamental change” (which will be defined in the indenture to include, among other events, fundamental changes and
certain additional business combination transactions), then we may be required to temporarily increase the conversion rate for the Notes. In either case, and in other cases, our obligations under the Notes and the indenture could increase the cost
of acquiring us or otherwise discourage a third party from acquiring us or removing incumbent management, including in a transaction that holders of our common stock may view as favorable.

We may be unable to raise the funds necessary to repurchase the Notes being offered in the Concurrent Notes Offering for cash on a specified optional repurchase date or following a fundamental change or to pay any cash amounts due upon maturity or conversion of the Notes, and our other indebtedness may limit our ability to repurchase the Notes or to pay any cash amounts due upon their maturity or conversion.

Investors in the Notes may, subject to limited exceptions, require us to repurchase their Notes
on May 15, 2028, and following a “fundamental change” (which will be defined in the indenture to include certain

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change-of-controlevents and the delisting of shares of our common stock) or on May 15, 2028 at a cash repurchase price generally equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any. In addition, upon conversion, we will satisfy part or all of our conversion obligation in cash unless elect to settle conversions solely in shares of our common stock. We may not have enough available cash or be able to obtain financing at the time we are required to repurchase the Notes or pay any cash amounts due upon conversion. In addition, applicable law, regulatory authorities and the agreements governing our other indebtedness may restrict our ability to repurchase the Notes or pay any cash amounts due upon conversion. Our failure to rep