Merger Exchange Ratio
Company: Cipher Mining
The claim, verbatim
Each share of Cipher Common Stock will be exchanged for 400,000 shares of New Cipher Common Stock in the merger with GWAC
Source (primary)
Cipher Mining S-4/A filed 2021-07-26 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “each share of Cipher outstanding as of immediately prior to the Effective Time will be exchanged for 400,000 shares of common stock, par value $0.001 per share, of New Cipher”
How we checked this
Checked on September 22, 2026. The cited source supports every part of this claim.
The document repeatedly states each Cipher share will be exchanged for 400,000 shares of New Cipher Common Stock in the GWAC merger.
Confirmed in the source:
- each share of Cipher Common Stock outstanding immediately prior to the Effective Time will be exchanged for 400,000 shares of New Cipher Common Stock
- the exchange occurs in the merger with GWAC
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312521224426/d127963ds4a.htm) in full (2,325,521 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining S-4/A filed 2021-07-26
Quote: “each share of Cipher outstanding as of immediately prior to the Effective Time will be exchanged for 400,000 shares of common stock, par value $0.001 per share, of New Cipher”