Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 26

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 26
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 circumstances, a holder might be eligible for refunds or credits of such taxes. While gross proceeds from a sale or other
disposition of our common stock, would have originally been subject to withholding under FATCA, proposed U.S. Treasury regulations provide that such payments of gross proceeds do not constitute withholdable payments. Taxpayers may generally rely on
these proposed U.S. Treasury regulations until they are revoked or final U.S. Treasury regulations are issued. Non-U.S. holders are encouraged to consult with their own tax advisors regarding the effects of
FATCA on an investment in our common stock.

INVESTORS CONSIDERING THE PURCHASE OF OUR COMMON STOCK SHOULD CONSULT WITH THEIR OWN TAX
ADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS (INCLUDING ANY POTENTIAL FUTURE CHANGES THERETO) TO THEIR PARTICULAR SITUATIONS AND THE APPLICABILITY AND EFFECT OF ANY OTHER TAX LAWS, INCLUDING U.S. FEDERAL ESTATE AND GIFT TAX
LAWS AND ANY U.S. STATE OR LOCAL OR NON-U.S. TAX LAWS, AND TAX TREATIES.

S-16

UNDERWRITING

Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus supplement, the Underwriter for
this offering, Morgan Stanley & Co. LLC, acting on behalf of itself and/or its affiliates, will facilitate the hedging transactions by the Convertible Arbitrage Investors subscribing for our Notes as described in this prospectus supplement.

The number of shares of common stock subject to this offering will depend on what portion of Convertible Arbitrage Investors desire to
hedge their investment in the Notes offered in the Concurrent Notes Offering and is expected to be no greater than commercially reasonable initial short positions of the Convertible Arbitrage Investors being established to facilitate their market
risk hedging with respect to the Notes they acquire. We have been advised that the shares of common stock sold by the Underwriter in this offering will be borrowed from non-affiliate third parties, and will
be: (x) purchased by the Underwriter from certain Convertible Arbitrage Investors who have sold them short to the Underwriter in connection with the Concurrent Notes Offering and/or (y) sold short by the Underwriter to facilitate
concurrent privately negotiated transactions between the Underwriter (or its affiliates) with certain Convertible Arbitrage Investors seeking a short exposure to shares of our common stock through a derivative, in an equivalent notional amount, in