secwatch.observer — SEC 8-K summary
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Issuer:     Cipher Digital Inc. (CIFR)
CIK:        0001819989
Form:       8-K
Filed at:   2025-05-20T23:59:59+00:00
Accession:  0001193125-25-123159
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cipher Mining announces $150M convertible notes due 2030, Bitmain rig amendment with 10% discount
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- $150M convertible senior notes offering (due May 2030); underwriters option for additional $22.5M.
- Concurrent delta offering of borrowed common stock to facilitate hedging by note purchasers.
- Bitmain amendment: remaining miners delivered by June 23, 2025; early lump-sum payment of $108.2M (10% reduction from $120.2M).
- Company also receives BTC-linked call options from Bitmain as additional value.
- Net proceeds to fund Phase 1 of Black Pearl data center including rig purchases at discount and infrastructure.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819989/000119312525123159/0001193125-25-123159-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819989/000119312525123159/d876438d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-123159

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer