Company: CIFRW
Filing Date: 2025-05-20
Form Type: 8-K
Source: 0001193125-25-123159
Chunk: 1

Company: Cipher Mining Inc.
Filing Date: 2025-05-20
Form: 8-K
Item: Item 8.01
Chunk 1
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Item 8.01.      Other Events.  

By prepaying obligations, pursuant to the 2025 Amendment described in Item 1.01, that normally would come due between now and November, the Company has the opportunity to significantly reduce the remaining amounts it owes to rig manufacturers and offset a portion of expected tariffs, including a 10% reduction in the agreed price to be paid to the rig manufacturer. The Company aims to energize Phase 1 of its Black Pearl data center in June 2025 and the mining rigs are expected to arrive in July 2025. The Company intends to significantly reduce further capex overhang by prepaying these obligations.

Additionally, on May 20, 2025, the Company issued a press release announcing that it intends to offer, subject to market and other conditions, $150 million aggregate principal amount of convertible senior notes due 2030 (the “notes”) in a public offering registered under the Securities Act of 1933, as amended; and concurrent with the offering of the notes, Morgan Stanley & Co. LLC, acting on behalf of itself and/or its affiliates, intends to offer, in a separate, underwritten offering, a number of shares of the Company’s common stock borrowed from third parties, to facilitate hedging transactions (whether physical and/or through derivatives) by some of the purchasers of the notes.

A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

This Current Report on Form 8-K does not constitute an offer to sell or a solicitation of an offer to buy shares or any other security and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful.