Excellent Is effective Acquisition Corp. and Cipher Mining Announce

NEW YORK, Aug. 27, 2021 (World NEWSWIRE) — Cipher Mining Systems Inc., a U.S.-primarily based Bitcoin mining enterprise, now declared that it done its enterprise combination with Very good Is effective Acquisition Corp. (“Good Works”) (NASDAQ: GWAC), a U.S. publicly-traded unique reason acquisition corporation. Superior Works shareholders authorized the enterprise combination at a distinctive assembly held on August 25, 2021.

Adhering to the merger, the blended organization is named Cipher Mining Inc. (“Cipher Mining”). Beginning on Monday, August 30, 2021, Cipher Mining’s ordinary shares and warrants will trade on Nasdaq underneath the ticker symbols “CIFR” and “CIFRW”, respectively.

Cipher Mining’s skilled management team will be led by Main Executive Officer Tyler Webpage. The Board of Directors of Cipher Mining (the “Board”) is composed of James “Jim” Newsome (Chair), Cary Grossman, Caitlin Very long, Wesley “Bo” Williams, Holly Morrow Evans, Robert Dykes and Tyler Site. Cipher Mining thinks that the Board’s diverse backgrounds and skills throughout related industries will position it to execute on its procedures.

Private Placement (“PIPE”) and Closing Ailments

The enterprise combination and related PIPE expenditure enabled Cipher Mining to increase a total of about $391 million (just after transaction costs). After accounting for redemptions by Great Works’ community shareholders and transaction charges in relationship with the consummation of the small business blend, the Least Income Condition of $400 million in the agreement and program of merger was not glad and Cipher Mining agreed to waive these types of ailment.

Advisors
J.P. Morgan Securities LLC served as exceptional advisor and guide placement agent to Good Functions, and Wells Fargo Securities, LLC served as lead economic advisor to Cipher Mining. Wells Fargo Securities, LLC and J.V.B. Economical Group, LLC also served as co-placement agents on the PIPE.

Schiff Hardin LLP acted as authorized counsel to Fantastic Will work. Latham & Watkins LLP acted as legal counsel to Cipher Mining. Mayer Brown LLP acted as authorized counsel to the placement brokers.

About Cipher Mining
Cipher Mining is an industrial-scale Bitcoin mining firm dedicated to growing and strengthening the Bitcoin network’s essential infrastructure. Its target is to be the main Bitcoin mining firm in the United States. Cipher Mining aims to leverage ideal-in-class technological know-how, current market-main electricity invest in arrangements, and a seasoned, dedicated senior administration team to come to be the market chief in Bitcoin mining.

About Good Operates
Superior Is effective is a blank look at firm organized for the function of effecting a merger, share trade, asset acquisition, stock acquire, recapitalization, reorganization, or other very similar small business mixture with a single or additional firms or entities. The Fantastic Is effective name reflects the actuality that its management and directors donated 50 percent of their founder shares to charitable corporations in mild of the impact that COVID-19 has had on the potential of non-earnings to crank out contributions and revenues. Good Works’ administration staff is composed of Messrs. Fred Zeidman, CEO and Co-Chairman, Douglas Wurth, Co-Chairman, and Cary Grossman, President. I-B Very good Operates, LLC, an affiliate of I-Bankers Securities is the sponsor of Superior Is effective.

Ahead Hunting Statements
This document includes particular forward-wanting statements in just the meaning of the federal securities laws with respect to the proposed company blend concerning Excellent Performs and Cipher Mining, the providers made available by Cipher Mining and the marketplaces in which Cipher Mining operates, business enterprise tactics, credit card debt concentrations, field setting, potential expansion chances, the consequences of laws and Cipher Mining’s projected long run success. These ahead-searching statements frequently are recognized by the words and phrases “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will probable end result,” and similar expressions (together with the damaging variations of these types of words and phrases or expressions).

These forward-seeking statements are dependent on estimates and assumptions that, when thought of sensible by Cipher Mining and its administration, are inherently uncertain. This kind of ahead-wanting statements are matter to hazards, uncertainties, and other variables that could bring about real outcomes to vary materially from those expressed or implied by these ahead seeking statements. New challenges and uncertainties may arise from time to time, and it is not attainable to forecast all threats and uncertainties. Several components could bring about actual long run occasions to differ materially from the forward-seeking statements in this doc, such as but not constrained to: volatility in the value of Cipher Mining’s securities because of to a selection of components, such as alterations in the aggressive and controlled field in which Cipher Mining designs to run, versions in overall performance throughout competitors, alterations in rules and rules affecting Cipher Mining’s organization and variations in the blended cash construction, and the means to implement small business programs, forecasts, and other expectations and to discover and understand more chances. The foregoing record of things is not exhaustive. You should thoroughly look at the foregoing factors and the other hazards and uncertainties described in Excellent Will work final proxy assertion/facts assertion/prospectus contained in the Form S-4 registration assertion explained under, which include individuals below “Risk Factors” therein, Quarterly Stories on Type 10-Q and other files submitted by Superior Will work from time to time with the U.S. Securities and Trade Commission (the “SEC”). These filings identify and handle other vital risks and uncertainties that could result in genuine events and outcomes to differ materially from these contained in the forward-hunting statements. Ahead-wanting statements talk only as of the date they are built. Audience are cautioned not to place undue reliance on forward-wanting statements, and Superior Operates and Cipher Mining think no obligation and, except as expected by law, do not intend to update or revise these forward-looking statements, irrespective of whether as a consequence of new information, long term activities, or usually. Neither Fantastic Works nor Cipher Mining presents any assurance that both Good Performs or Cipher Mining will accomplish its expectations.

Contacts:

Investor Make contact with:
Mark Roberts
Blueshirt Funds Advisors
investors@ciphermining.com

Media Make contact with:
Ryan Dicovitsky / Kendal Till
Dukas Linden Community Relations
908-907-7703
CipherMining@DLPR.com