Cipher Mining Inc. Enters Material Definitive Agreement
Ticker: CIFR · Form: 8-K · Filed: Jul 12, 2024 · CIK: 1819989
| Field | Detail |
|---|---|
| Company | Cipher Mining INC. (CIFR) |
| Form Type | 8-K |
| Filed Date | Jul 12, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $11.50, $186,712,020, $12,157,796 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, corporate-action
TL;DR
Cipher Mining just signed a big deal, filing 8-K on 7/10/24.
AI Summary
On July 10, 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.
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 — Entering into a material definitive agreement can introduce new risks and opportunities that are not yet fully understood.
Key Numbers
- 001-39625 — SEC File Number (Identifier for the company's filings)
- 85-1614529 — IRS Employer Identification No. (Tax identification number)
Key Players & Entities
- Cipher Mining Inc. (company) — Registrant
- GOOD WORKS ACQUISITION CORP. (company) — Former company name
- July 10, 2024 (date) — Date of earliest event reported
- 1 Vanderbilt Avenue Floor 54 (location) — Principal Executive Offices
- New York, New York (location) — Principal Executive Offices City and State
- 10017 (location) — Principal Executive Offices Zip Code
FAQ
What type of material definitive agreement did Cipher Mining Inc. enter into?
The filing states that the company entered into a 'Material Definitive Agreement' but does not specify the nature of the agreement in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on July 10, 2024.
What was Cipher Mining Inc.'s former company name?
Cipher Mining Inc.'s former company name was GOOD WORKS ACQUISITION CORP.
Where are Cipher Mining Inc.'s principal executive offices located?
Cipher Mining Inc.'s principal executive offices are located at 1 Vanderbilt Avenue, Floor 54, New York, New York, 10017.
What is the SEC file number for Cipher Mining Inc.?
The SEC file number for Cipher Mining Inc. is 001-39625.
Filing Stats: 677 words · 3 min read · ~2 pages · Grade level 15.3 · Accepted 2024-07-12 16:31:28
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share CIFR The Nasdaq Stock Mar
- $11.50 — of Common Stock at an exercise price of $11.50 per whole share CIFRW The Nasdaq St
- $186,712,020 — Miners under the Amendment Agreement is $186,712,020 (the "Option Purchase Price") with (i)
- $12,157,796 — 10% of the Option Purchase Price, less $12,157,796 already paid, due within 7 days of the
Filing Documents
- cifr-20240710.htm (8-K) — 40KB
- 0000950170-24-083231.txt ( ) — 193KB
- cifr-20240710.xsd (EX-101.SCH) — 49KB
- cifr-20240710_htm.xml (XML) — 7KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On July 10, 2024, Cipher Mining Inc. (the "Company"), through its wholly-owned subsidiary Cipher Mining Infrastructure LLC, a Delaware limited liability company, entered into an Amendment Agreement to the Future Sales and Purchase Agreement (the "Amendment Agreement") with Bitmain Technologies Delaware Limited ("Bitmain"), which amends that certain Future Sales and Purchase Agreement, dated December 16, 2023, as amended by that certain Supplement Agreement, dated June 5, 2024 (the "Original Agreement"). The Amendment Agreement (1) upgraded the miners the Company has the option, but not an obligation, to purchase from 45,706 additional Antminer T21 miners to 32,164 additional Antminer S21 XP miners (the "Option Miners") and (2) extended the call option period the Company has to exercise its purchase of the Option Miners, which it may exercise in whole or in part, in one or more transactions, from December 31, 2024 to June 30, 2025. The purchase price for the Option Miners under the Amendment Agreement is $186,712,020 (the "Option Purchase Price") with (i) 10% of the Option Purchase Price, less $12,157,796 already paid, due within 7 days of the execution of the Amendment Agreement, (ii) 10% of the purchase price of the applicable batch of Option Miners due within 7 days of the Company's delivery of a call option exercise notice to purchase a batch of Option Miners, (iii) 30% of the purchase price of the applicable batch of Option Miners due three months prior to the first shipping date of such batch, (iv) 30% of the purchase price of the applicable batch of Option Miners due one month prior to the first shipping date of such batch and (v) the remaining 20% of the purchase price of the applicable batch of Option Miners due 180 days after the first shipping date of such batch.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Cipher Mining Inc. Date: July 12, 2024 By: /s/ Tyler Page Tyler Page Chief Executive Officer