Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 27

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 27
---
 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
each case, with a view for the Underwriter to initially offer the shares of our common stock to the public at a price of $3.42 per share of our common stock and to subsequently offer the shares of our common stock for sale in one or more
transactions on Nasdaq, in the over the counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices at the time of sale or at negotiated prices.

There can be no assurance that the Underwriter will sell any or all of the shares of our common stock offered pursuant to this prospectus
supplement, or the timing of any such sales.

We will pay to the Underwriter a fee of $0.0570 per share for the shares of common stock
sold by the Underwriter in this offering. We have also agreed to reimburse the Underwriter for certain of their expenses in an amount up to $25,000.

We have agreed to indemnify the Underwriter against certain liabilities, including liabilities arising under the Securities Act.

The Underwriter and certain of its affiliates are full service financial institutions engaged in various activities, which may include
securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The Underwriter is serving as an underwriter in the Concurrent
Notes Offering. The Underwriter and certain of its affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive
customary fees, commissions and expenses. Furthermore, concurrently with this offering, the Underwriter or its affiliates is expected to facilitate privately negotiated transactions with certain Convertible Arbitrage Investors seeking a short
exposure to shares