Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 99

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 99
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 not be considered to result in a deemed distribution to you. Certain of the possible conversion rate adjustments
provided in the notes (including, without limitation, adjustments in respect of certain taxable dividends to holders of our common stock) will not qualify as being pursuant to a bona fide, reasonable adjustment formula. If such adjustments are made,
you will be deemed to have received a distribution even though you have not received any cash or property as a result of such adjustments. In addition, an adjustment to the conversion rate in connection with a make-whole fundamental change may, in
some circumstances, be treated as a deemed distribution. In certain circumstances, a failure to adjust (or to adjust adequately) the conversion rate may result in a deemed distribution to you if, as a result of such failure, your proportionate
interest in our assets or earnings and profits is increased.

Any deemed distributions will be taxable as a dividend, to the extent of our current or
accumulated earnings and profits, or as a return of capital or capital gain to the extent in excess of our current or accumulated earnings and profits, in each case, as described below in “—Distributions on Common Stock”. You should
consult your tax advisor regarding whether any dividend deemed paid to you would be eligible for the preferential rates of U.S. federal income tax applicable in respect of certain dividends received by
non-corporate U.S. holders and, if you are a corporate U.S. holder, whether you would be entitled to claim the dividends-received deduction with respect to any such constructive dividends. Generally, your
adjusted tax basis in a note will be increased to the extent any such deemed distribution is treated as a dividend. Because a constructive dividend deemed received by you would not give rise to any cash from which any applicable withholding could be
satisfied, if backup withholding is applicable to you (because you failed to establish an exemption from backup withholding taxes as further described below in “—Information Reporting and Backup Withholding”), such withholding may be
withheld from or set off against subsequent payments on the notes or our common stock owned by you or from

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any proceeds of any subsequent sale, exchange or other disposition of such notes (including the retirement of such notes), such common stock or other funds or assets held by you.

We are currently required to report the amount of any deemed distributions on our website or to the IRS and to holders of notes not exempt from reporting. The
IRS proposed U.S. Treasury regulations addressing the amount and timing of such deemed distributions