Cipher Mining Inc. (NasdaqGS:CIFR) has reported its intention to offer, subject to market and other conditions, $150,000,000 aggregate principal amount of convertible senior notes due 2030 in a public offering registered under the Securities Act of 1933, as amended. Cipher also expects to grant the underwriters of the notes offering an option to purchase up to an additional $22,500,000 aggregate principal amount of notes solely to cover over-allotments. Morgan Stanley is acting as the sole bookrunning manager for the offering.
Cipher added it intends to use the net proceeds from the offering to complete Phase 1 of the Black Pearl data center project (Phase 1), including: (i) purchasing at a discount the remaining balance of mining rigs required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and (iii) paying other infrastructure-related capital expenditures in connection with Phase 1, and for general corporate purposes.
