Cipher Mining Inc. Files 8-K for Material Definitive Agreement
Ticker: CIFR · Form: 8-K · Filed: Jun 10, 2024 · CIK: 1819989
| Field | Detail |
|---|---|
| Company | Cipher Mining INC. (CIFR) |
| Form Type | 8-K |
| Filed Date | Jun 10, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $11.50, $16,400,472, $5,302,074, $134,287,826.40, $9,947,336 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, corporate-filing
TL;DR
Cipher Mining signed a big deal on June 5th, filing an 8-K.
AI Summary
On June 5, 2024, Cipher Mining Inc. entered into a material definitive agreement. The company, formerly known as GOOD WORKS ACQUISITION CORP., is incorporated in Delaware and has its principal executive offices at 1 Vanderbilt Avenue, Floor 54, New York, NY 10017. This filing is a current report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Why It Matters
This filing indicates a significant new agreement for Cipher Mining Inc., which could impact its business operations and financial standing.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.
Key Numbers
- 001-39625 — SEC File Number (Identifies the company's filing history with the SEC.)
- 85-1614529 — IRS Employer Identification Number (Company's tax identification number.)
Key Players & Entities
- Cipher Mining Inc. (company) — Registrant
- GOOD WORKS ACQUISITION CORP. (company) — Former company name
- June 5, 2024 (date) — Date of earliest event reported
- 1 Vanderbilt Avenue, Floor 54, New York, NY 10017 (address) — Principal executive offices
FAQ
What is the nature of the material definitive agreement?
The filing does not specify the details of the material definitive agreement, only that one was entered into on June 5, 2024.
When was Cipher Mining Inc. formerly known as GOOD WORKS ACQUISITION CORP.?
The filing does not provide the date of the name change from GOOD WORKS ACQUISITION CORP. to Cipher Mining Inc.
What is the SIC code for Cipher Mining Inc.?
The Standard Industrial Classification (SIC) code for Cipher Mining Inc. is 6199, which falls under Finance Services.
What is the primary business address of Cipher Mining Inc.?
The primary business address is 1 Vanderbilt Avenue, Floor 54, New York, NY 10017.
What is the telephone number for Cipher Mining Inc.?
The registrant's telephone number, including area code, is (914) 370-8006.
Filing Stats: 949 words · 4 min read · ~3 pages · Grade level 15.2 · Accepted 2024-06-10 16:54:05
Key Financial Figures
- $11.50 — of Common Stock at an exercise price of $11.50 per whole share CIFRW The Nasdaq St
- $16,400,472 — al Canaan Miners under the Agreement is $16,400,472 (the "Initial Canaan Miners Purchase Pr
- $5,302,074 — l make a fully refundable prepayment of $5,302,074 within 30 days of the date of execution
- $134,287,826.40 — ers under the Supplemental Agreement is $134,287,826.40 (the "Bitmain Purchase Price") with (i)
- $9,947,336 — (the "Bitmain Purchase Price") with (i) $9,947,336 paid on December 12, 2023 in connection
Filing Documents
- d846288d8k.htm (8-K) — 28KB
- d846288dex991.htm (EX-99.1) — 10KB
- g846288g48b07.jpg (GRAPHIC) — 9KB
- 0001193125-24-158407.txt ( ) — 215KB
- cifrw-20240605.xsd (EX-101.SCH) — 4KB
- cifrw-20240605_def.xml (EX-101.DEF) — 14KB
- cifrw-20240605_lab.xml (EX-101.LAB) — 23KB
- cifrw-20240605_pre.xml (EX-101.PRE) — 15KB
- d846288d8k_htm.xml (XML) — 6KB
01. Entry into Material Definite Agreements
Item 1.01. Entry into Material Definite Agreements. Sales and Purchase Contract with Canaan Creative Global Pte. Ltd. On June 5, 2024, Cipher Mining Inc. (the "Company"), through its wholly-owned subsidiary Cipher Mining Infrastructure LLC, a Delaware limited liability company ("Cipher Infrastructure"), entered into a Sales and Purchase Contract (the "Canaan Agreement") with Canaan Creative Global Pte. Ltd. ("Canaan") to purchase 6,600 A1566 model miners (the "Initial Canaan Miners"), which will be delivered in several batches in October and November 2024. The Company also has the option (the "Canaan Option"), but not an obligation, under the Canaan Agreement to purchase an additional number of A1566 model (or more efficient model upon availability) miners estimated to deploy an aggregate amount of electricity of up to 160 MW (the "Additional Canaan Miners"), which the Company may exercise in whole or in part, in one or more transactions, on or before June 30, 2025. The purchase price for the Initial Canaan Miners under the Agreement is $16,400,472 (the "Initial Canaan Miners Purchase Price") with (i) 40% of the Initial Canaan Miners Purchase Price due on or before the 10 th business day following the execution of the Canaan Agreement, (ii) 40% of the Initial Canaan Miners Purchase Price due on or before the 60 th day following the execution of the Canaan Agreement, and (iii) 20% of the remaining amount of Initial Canaan Miners Purchase Price due within 30 days of each batch of delivery in proportion to the respective batch. If the Company exercises the Canaan Option, the Additional Cannan Miners will be purchased on substantially the same terms as the Initial Canaan Miners or, at the Company's election, at a per unit price no greater than 110% of that of the Initial Canaan Miners Purchase Price for a more efficient model sold by Canaan at the time. In connection with the Canaan Option, the Company will make a fully refundable prepayment of $5,302,074 within 30