Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 24

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 24
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 treaty. If you are subject to backup withholding, or if you are a non-U.S. holder (as defined in “Certain Material United States Federal Income Tax
Considerations”) subject to U.S. federal withholding tax, any such withholding arising from a deemed distribution may be withheld from or set off against subsequent payments on the notes or our common stock owned by you or from any proceeds of
any subsequent sale, exchange or other disposition of such notes (including the retirement of such notes) or such common stock or other funds or assets held by you. The Internal Revenue Service has issued proposed regulations addressing the amount
and timing of deemed distributions and obligations of withholding agents and filing and notice obligations of issuers in connection therewith, which, if adopted, could affect the U.S. federal income tax treatment of a holder of notes deemed to
receive such a distribution. See “Description of Notes—Conversion Rights—Conversion Rate Adjustments” and “Certain Material United States Federal Income Tax Considerations.” You should consult your tax advisor as to the
tax consequences of deemed distributions.

A rating agency may not rate the notes or may assign a rating that is lower than expected.

We do not intend to seek to have the notes rated by any rating agency. However, if one or more rating agencies rate the notes and assign a rating that is lower
than the rating that investors expect, or reduce their rating in the future, then the trading price of our common stock and the notes could significantly decline.

In addition, market perceptions of our creditworthiness will directly affect the trading price of the notes. Accordingly, if a ratings agency rates any of our
indebtedness in the future or downgrades or withdraws the rating, or puts us on credit watch, then the trading price of the notes will likely decline.

Provisions in the indenture could delay or prevent an otherwise beneficial takeover of us.

Certain provisions in the notes and the indenture could make a third-party attempt to acquire us more difficult or expensive. For example, if a takeover
constitutes a fundamental change, then, except as described in this prospectus supplement, noteholders will have the right to require us to repurchase their notes for cash. In addition, if a takeover constitutes a make-whole fundamental change, then
we may be required to temporarily increase the conversion rate. In either case, and in other cases, our obligations under the notes and the indenture

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could increase the cost of acquiring us or otherwise discourage a third party from