Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 18

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 18
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 will accrue interest at a rate of 1.75% per annum, payable semi-annually in arrears on
May 15 and November 15 of each year, beginning on November 15, 2025. The Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before February 15, 2030, noteholders will have the right to
convert their Notes only upon the occurrence of certain events. From and after February 15, 2030, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately
before the maturity date. We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The initial conversion rate is 224.9213 shares of
common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $4.45 per share of common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain
events. If a “make-whole fundamental change” (which will be defined in the indenture that will govern the Notes to include certain business combination transactions involving us, the delisting of our common stock and the calling of the
Notes for redemption) occurs, then we will in certain circumstances increase the conversion rate for a specified period of time. In the case of a make-whole fundamental change resulting from the calling of any Notes for redemption, the increased
conversion rate, if any, will apply only to the Notes called (or deemed to be called) for redemption.

The Notes will be redeemable, in
whole or in part (subject to certain limitations described below), at our option at any time, and from time to time, on or after May 22, 2028 and on or before the 30th scheduled trading day immediately before the maturity date, at a cash
redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of our common stock exceeds 130% of the
conversion price for a specified period of time. However, we may not redeem less than all of the outstanding Notes unless at least $50.0 million aggregate principal amount of Notes are outstanding and not called for