QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol (s) |
Name of each exchange on which registered | ||
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||
☒ | Smaller Reporting Company | |||||
Emerging Growth Company |
June 30, 2021 |
December 31, 2020 |
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(Restated) (Unaudited) |
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Assets |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Cash and securities held in Trust Accoun t |
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Total Assets |
$ | $ | ||||||
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Liabilities and Stockholders’ Equity |
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Accounts payable and accrued expenses |
$ | $ | ||||||
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Total current liabilities |
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Warrant liability |
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Total Liabilities |
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Commitments |
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Common stock subject to possible redemption, $ |
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Stockholders’ Equity: |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated Deficit |
( |
) | ( |
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Total stockholders’ equity |
( |
) | ||||||
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Total Liabilities and Stockholders’ Equity |
$ | $ | ||||||
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For the three months ended June 30, |
For the six months ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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(As Restated) |
(As Restated) |
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Operating expenses |
$ | $ | $ | $ | ||||||||||||
Business combination expenses |
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Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Other income (expense) |
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Interest income |
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Change in warrant liability |
( |
) | ||||||||||||||
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Total other income (expense) |
( |
) | ||||||||||||||
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Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
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Basic and diluted weighted average redeemable common shares outstanding |
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Basic and diluted net loss per redeemable common share |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
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Basic and diluted weighted average non-redeemable common shares outstanding |
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Basic and diluted net loss per non-redeemable common share |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
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Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance - December 31, 2020 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Balance - March 31, 2021 |
( |
) | ||||||||||||||||||
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Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Balance - June 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||
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(1) | Cipher Mining Inc. (formerly known as Good Works Acquisition Corp.) was formed on June 24, 2020. The Founders Shares were not issued until July 2020. As a result, a comparative consolidated statement of changes in stockholder’s equity for the period ended June 2020 is not applicable. See accompanying notes to unaudited condensed consolidated financial statements. |
For the six months ended June 30, |
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2021 |
2020 |
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(As Restated) |
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Cash flows from operating activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
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Change in warrant liability |
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Interest earned on cash and marketable securities held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
$ | ( |
) | |||||
Accounts payable and accrued expenses |
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Net cash (used in) provided by operating activities |
( |
) | ||||||
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Net change in cash |
( |
) | ||||||
Cash, beginning of the period |
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Cash, end of period |
$ | $ | ||||||
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Level 1 — | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. | |||
Level 2 — | Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. | |||
Level 3 — | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Fair Value Measured as of June 30, 2021 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets: |
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U.S. Money Market held in Trust Account |
$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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Fair Value Measured as of June 30, 2021 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Liabilities: |
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Private stock warrant liabilities |
$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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Fair Value Measured as of December 31, 2020 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets: |
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U.S. Money Market held in Trust Account |
$ |
$ |
$ |
$ |
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U.S. Treasury Securities held in Trust Account |
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$ |
$ |
$ |
$ |
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Liabilities: |
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Private stock warrant liabilities |
$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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As of December 31, 2020 |
As of June 30 2021 |
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Exercise price |
$ | $ | ||||||
Stock price |
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Volatility |
% | % | ||||||
Probability of completing a business combination |
% | % | ||||||
Term |
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Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Warrant liabilities at January 1, 2021 |
$ | |||
Change in fair value of warrant liabilities |
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Warrant liabilities at March 31, 2021 |
$ | |||
Change in fair value of warrant liabilities |
( |
) | ||
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Warrant liabilities at June 30, 2021 |
$ | |||
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For the Three Months |
For the Six Months |
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ended June 30, 2021 |
ended June 30, 2021 |
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Redeemable |
Non-redeemable |
Redeemable |
Non-redeemable |
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Basic and diluted net loss per share: |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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As Previously Reported |
Adjustment |
As Restated |
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Balance - December 31, 2020 (Restated) |
$ |
$ |
( |
) |
$ |
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Net loss (Restated) |
( |
) | ( |
) | ( |
) | ||||||
Change in value of common stock subject to possible redemption (Restated) |
( |
) | — | |||||||||
Balance as of March 31, 2021 |
$ |
$ |
— |
$ |
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Net loss (Restated) |
( |
) | — | ( |
) | |||||||
Balance as of June 30, 2021 |
$ |
( |
) |
$ |
— |
$ |
( |
) |
For the Period from January 1, 2021 through June 30, 2021 |
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As Previously Reported |
Adjustment |
As Restated |
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Supplemental Disclosure of Noncash Financing Activities: |
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Change in value of common stock subject to possible redemption (restated) |
$ | $ | ( |
) | $ |
Earnings Per Share for Common Stock |
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As Previously Reported (1) |
Adjustment |
As Restated |
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For the Three Months Ended June 30, 2021 |
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Net loss |
$ | ( |
) | $ | $ | ( |
) | |||||
Basic and Diluted weighted-average redeemable common shares outstanding |
— | |||||||||||
Basic and Diluted net loss per redeemable common share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Basic and Diluted weighted-average non-redeemable common shares outstanding |
— | |||||||||||
Basic and Diluted net loss per non-redeemable common shares |
$ | ( |
) | $ | $ | ( |
) |
Earnings Per Share for Common Stock |
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As Previously Reported (1) |
Adjustment |
As Restated |
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For the Six Months Ended June 30, 2021 |
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Net loss |
$ | ( |
) | $ | — | $ | ( |
) | ||||
Basic and Diluted weighted-average redeemable common shares outstanding |
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Basic and Diluted net loss per redeemable common share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Basic and Diluted weighted-average non-redeemable common shares outstanding |
( |
) | ||||||||||
Basic and Diluted net loss per non-redeemable common shares |
$ | ( |
) | $ | $ | ( |
) |
Carrying Value/Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized losses |
Fair Value as of December 31, 2021 |
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U.S. Money Market |
$ | |
$ | — | $ | — | $ | |||||||||
U.S. Treasury Securities |
( |
) | ||||||||||||||
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$ | $ | $ | ( |
) | $ | |||||||||||
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Carrying Value/Amortized Cost |
Gross Unrealized Gains |
T-Bill Maturity |
Gross Unrealized Losses |
Fair Value as of June 30, 2021 |
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U.S. Money Market |
$ | |
$ | $ | $ | ( |
) | $ | ||||||||||||
U.S. Treasury Securities |
$ | ( |
) | — | — | |||||||||||||||
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$ | $ | $ | $ | ( |
) | $ | ||||||||||||||
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• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption; |
• | if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants. |
* | Filed herewith. |
** | Management contract or compensatory plan, contract or arrangement. |
(1) | The certifications on Exhibit 32 hereto are deemed not “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act. |
CIPHER MINING INC. | ||||||
Date: January 21, 2022 | By: | /s/ Tyler Page | ||||
Tyler Page | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: January 21, 2022 | By: | /s/ Edward Farrell | ||||
Edward Farrell | ||||||
Chief Financial Officer | ||||||
(Principal Financial Officer) |