Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 15

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 15
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urchase the Notes or pay any cash amounts due upon conversion when required will constitute a default under the indenture that will govern the Notes. A default under the indenture or the fundamental change itself could also lead to a default under agreements that we may have in the future governing our other indebtedness, which may result in that other indebtedness becoming immediately payable in full. We may not have sufficient funds to satisfy all amounts due under the other indebtedness and the Notes. The indenture that will govern the Notes will not restrict us from incurring additional indebtedness, and the incurrence of the convertible Notes and any additional indebtedness could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations. As of March 31, 2025, we had $35.5 million principal amount of consolidated indebtedness for borrowed money. We will incur $150.0 million (or, if the underwriters of the Concurrent Notes Offering fully exercise their option to purchase additional Notes, $172.5 million) principal amount of additional indebtedness as a result of the Concurrent Notes Offering. The indenture that will govern the Notes will not contain any restrictive financial covenants and will not prohibit us or our subsidiaries from incurring additional indebtedness in the future. Accordingly, we may incur a significant amount of additional indebtedness following the Concurrent Notes Offering, if it is completed. The incurrence of indebtedness could have significant negative consequences for our stockholders and our business, results of operations and financial condition by, among other things:

| • |     | increasing our vulnerability to adverse economic and industry conditions; |

| • |     | limiting our ability to obtain additional financing; |

| • |     | requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness, 
 which will reduce the amount of cash available for other purposes;                                              |

| • |     | limiting our flexibility to plan for, or react to, changes in our business; |

| • |     | diluting the interests of our existing stockholders as a result of issuing shares of our common stock upon 
 conversion of the Notes; and                                                                               |

| • |     | placing us at a possible competitive disadvantage with competitors that are less leveraged than us or have better 
 access to capital.                                                                                                |

Our business may not generate sufficient funds, and we may otherwise be unable to maintain sufficient cash reserves, to pay amounts due under our indebtedness, and our cash needs may increase in the