Minimum fair market value requirement for Business Combination target
Company: Cipher Mining
The claim, verbatim
Business Combination must have aggregate fair market value of at least 80% of assets held in Trust Account
Source (primary)
Cipher Mining 10-K/A filed 2021-05-07 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination”
How we checked this
Checked on September 23, 2026. The cited source supports every part of this claim.
The filing states the 80%-of-trust-assets fair market value requirement. It adds that taxes payable on trust income are excluded, measured at the time of the agreement.
Confirmed in the source:
- The Business Combination must have an aggregate fair market value of at least 80% of the assets held in the Trust Account
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000121390021025203/f10k2020a1_goodworks.htm) in full (249,888 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 10-K/A filed 2021-05-07
Quote: “The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination”