Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 35

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 35
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 event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure any indebtedness will not be available to make payments under the notes unless all of that indebtedness is first paid in full. In the event of the bankruptcy, liquidation, reorganization or other winding up of any of our subsidiaries, we, as a common equity holder of that subsidiary, and, therefore, the noteholders, will rank behind that subsidiary’s creditors, including that subsidiary’s trade creditors, and (to the extent we are not a holder thereof) that subsidiary’s preferred equity holders. Even if we were a creditor of any of our subsidiaries, our rights as a creditor would be effectively subordinated to any security interest of others in the assets of that subsidiary, to the extent of the value of those assets, and would be subordinated to any indebtedness of that subsidiary that is senior in right of payment to that held by us. S-22

Our subsidiaries will have no obligations under the notes. The ability of our subsidiaries to pay dividends
or make other payments to us is restricted by, among other things, corporate and other laws and by agreements to which our subsidiaries may become a party.

As of March 31, 2025, excluding our subsidiaries, we had no indebtedness for borrowed money, and, our subsidiaries had $179.0 million of
indebtedness and other liabilities, including trade payables but, excluding intercompany liabilities.

See “Risk Factors—The notes will be
effectively subordinated to our existing and future secured indebtedness and structurally subordinated to the liabilities of our subsidiaries.”

Optional Redemption

We may not redeem the notes at our
option at any time before May 22, 2028. Subject to the terms of the indenture, we have the right, at our election, to redeem all, or any portion in an authorized denomination, of the notes, at any time, and from time to time, on a redemption
date on or after May 22, 2028 and on or before the 30th “scheduled trading day” (as defined below under the caption “—Definitions”) immediately before the maturity date, for cash, but only if the “last reported
sale price” (as defined below under the caption “—Definitions”) per share of our common stock exceeds 130% of the “conversion price” (as defined below under the caption “—Definitions”) on (i) each of
at least 20 “trading days