Exchange ratio in merger
Company: Cipher Mining
The claim, verbatim
Each share of Cipher Common Stock will be exchanged for 400,000 shares of New Cipher Common Stock
Source (primary)
Cipher Mining S-4 filed 2021-05-14 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “the 500 shares of Cipher Common Stock ("Cipher Common Stock") outstanding as of immediately prior to the Effective Time will be exchanged for 200,000,000 shares of New Cipher”
How we checked this
Checked on September 22, 2026. The cited source supports every part of this claim.
The document states each Cipher share will be exchanged for 400,000 New Cipher shares and defines the Exchange Ratio as 400,000-to-1.
Confirmed in the source:
- Each share of Cipher Common Stock will be exchanged for 400,000 shares of New Cipher Common Stock
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312521161188/d127963ds4.htm) in full (2,164,105 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining S-4 filed 2021-05-14
Quote: “the 500 shares of Cipher Common Stock ("Cipher Common Stock") outstanding as of immediately prior to the Effective Time will be exchanged for 200,000,000 shares of New Cipher”