Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 58

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 58
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 stock issuable with respect to such VWAP trading day based on such adjusted conversion rate will 
 not be entitled to participate in such dividend or distribution.                                                                                                                                                                                                                                            |

Stockholder Rights Plans If any shares of our common stock are to be issued upon conversion of any note and, at the time of such conversion, we have in effect any stockholder rights plan, then the holder of that note will be entitled to receive, in addition to, and concurrently with the delivery of, the consideration otherwise due upon such conversion, the S-37

rights set forth in such stockholder rights plan, unless such rights have separated from our common stock at such time, in which case, and only in such case, the conversion rate will be adjusted pursuant to the provisions described above in paragraph (3)(a) under the caption “—Conversion Rate Adjustments—Generally” on account of such separation as if, at the time of such separation, we had made a distribution of the type referred to in such paragraph to all holders of our common stock, subject to potential readjustment pursuant to the provisions described in such paragraph. We currently do not have a stockholder rights plan. Increase in Conversion Rate in Connection with a Make-Whole Fundamental Change Generally If a make-whole fundamental change occurs and the conversion date for the conversion of a note occurs during the related “make-whole fundamental change conversion period” (as defined below under the caption “—Definitions”), then, subject to the provisions described below, the conversion rate applicable to such conversion will be increased by a number of shares (the “additional shares”) set forth in the table below corresponding (after interpolation as described below) to the “make-whole fundamental change effective date” (as defined below under the caption “—Definitions”) and the “stock price” (as defined below under the caption “—Definitions”) of such make-whole fundamental change:

| Make-Whole         
 Fundamental Change 
 Effective Date     
 May 22, 2025       
 May 15, 2026       |     | Stock Price 
 $3.42       | 67.4763 
 67.4763 |     | $4.00 | 50.4125 
 50.4125 |     | $4.45 | 41.0989 
 41.0989 |     | $5.50 | 27.0564 
 25.7582 |     | $5.78 | 24.4827 
 23.0363 |     | $