Cipher Mining Announces the Closing of its Acquisition of Black Pearl
December 08 2023 - 4:10PM
Cipher Mining Inc.
(NASDAQ: CIFR) (“Cipher” or the
“Company”), a leading developer and operator of bitcoin mining data
centers, today announced the closing of its acquisition of a new
site in Texas, under its previously announced Purchase and Sale
Agreement (the “PSA”) with Trinity Mining Group, Inc., which was
entered into on November 6, 2023. Pursuant to the terms of the PSA,
the Purchase Price under the PSA is paid by delivery of an
aggregate of 2,397,424 shares of the Company’s common stock. The
shares offered under the PSA were offered and sold by the Company
pursuant to a “shelf” registration statement on Form S-3, which was
declared effective on October 6, 2022.
“We are thrilled to have closed on acquiring our new
Texas-based, ERCOT-approved site, called Black Pearl,” said Tyler
Page, Cipher’s CEO. “With interconnection up to 300 MW, we expect
Black Pearl to become the largest of our sites. We’re excited to
get started on building Black Pearl, and expect to start deploying
mining rigs at the site in a little more than a year.”
About Cipher
Cipher is an emerging technology company focused on the
development and operation of bitcoin mining data centers. Cipher is
dedicated to expanding and strengthening the Bitcoin network's
critical infrastructure. Together with its diversely talented team
and strategic partnerships, Cipher aims to be a market leader in
bitcoin mining growth and innovation. To learn more about Cipher,
please visit https://www.ciphermining.com/.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws of the United
States. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with these safe harbor provisions. Any statements made in this
press release that are not statements of historical fact, including
statements about our beliefs and expectations regarding our future
results of operations and financial position, business strategy,
timing and likelihood of success, potential expansion of or
additional bitcoin mining data centers, including the development
of the Black Pearl facility, expectations regarding the operations
of mining centers and delivery of mining rigs, and management plans
and objectives, are forward-looking statements and should be
evaluated as such. Forward-looking statements include information
concerning possible or assumed future results of operations,
including descriptions of our business plan and strategies. These
forward-looking statements generally are identified by the words
“may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “strategy,” “future,” “forecasts,”
“opportunity,” “predicts,” “potential,” “would,” “will likely
result,” “continue,” and similar expressions (including the
negative versions of such words or expressions).
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Cipher and our
management, are inherently uncertain. Such forward-looking
statements are subject to risks, uncertainties, and other factors
that could cause actual results to differ materially from those
expressed or implied by such forward looking statements. New risks
and uncertainties may emerge from time to time, and it is not
possible to predict all risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: volatility in the price of Cipher's securities due to a
variety of factors, including changes in the competitive and
regulated industry in which Cipher operates, variations in
performance across competitors, changes in laws and regulations
affecting Cipher's business, and the ability to implement business
plans, forecasts, and other expectations and to identify and
realize additional opportunities. The foregoing list of factors is
not exhaustive. You should carefully consider the foregoing factors
and the other risks and uncertainties described in the "Risk
Factors" section of our Annual Report on Form 10-K filed with the
Securities and Exchange Commission ("SEC") on March 14, 2023, and
in Cipher's subsequent filings with the SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Cipher assumes no obligation and, except as required by law,
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Contacts:Investor Contact:Josh
KaneHead of Investor Relations at Cipher
Miningjosh.kane@ciphermining.com
Media Contact:Ryan Dicovitsky / Kendal
TillDukas Linden Public RelationsCipherMining@DLPR.com
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