Cipher Mining Inc. has announced a proposed offering of $150 million in convertible senior notes due 2030. These notes will accrue interest payable semiannually and mature on May 15, 2030, unless repurchased, redeemed, or converted earlier. Noteholders will have the option to convert their notes into cash, shares of common stock, or a combination of both at Cipher's discretion. The company also retains the right to redeem the notes for cash under certain conditions starting May 22, 2028. Additionally, if specific fundamental changes occur, noteholders may request Cipher to repurchase their notes for cash. The offering, managed by Morgan Stanley, includes an option for underwriters to purchase an additional $22.5 million to cover over-allotments.
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