Cipher Mining prices $150M of convertible senior notes due 2030

Cipher Mining (CIFR) announced the pricing of its public offering of $150M aggregate principal amount of convertible senior notes due 2030 in an offering. The issuance and sale of the notes are scheduled to settle on May 22. Cipher also granted the underwriters of the notes offering a 30-day option to purchase up to an additional $22.5M aggregate principal amount of notes solely to cover over-allotments. Morgan Stanley is acting as sole bookrunning manager for the offering. Keefe, Bruyette & Woods, a Stifel Company, is acting as co-manager for the offering. Cipher will settle conversions by paying or delivering, as applicable, cash, shares of its common stock, or a combination of cash and shares of its common stock, at Cipher’s election. The initial conversion rate is 224.9213 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $4.45 per share of common stock. The initial conversion price represents a premium of approximately 30% over the $3.42 public offering price in the concurrent delta offering.