Good Works Acquisition Corp (GWAC)

[TallTrader]

Cipher Mining Inc., a Newly Formed US-based Bitcoin Mining Company, to Become a Publicly Traded Company via a Merger with Good Works Acquisition Corp.

Transaction builds a U.S. based Bitcoin mining champion
Combined company valued at an enterprise value of $2.0 billion
Includes $425 million fully committed PIPE investment, secured with anchor investors, including Fidelity Management & Research Company and Counterpoint Global (Morgan Stanley)
The PIPE investment includes $50 million investment-in-kind from Cipher Mining’s parent company, Bitfury, and is structured as a credit for future purchases of operating services and equipment for Cipher
Planned mining capacity of 745MW by the end of 2025 and industry leading cost of energy of approximately 2.7c/kWh
The transaction is anticipated to close in Q2 2021

https://www.businesswire.com/news/home/20210305005234/en/Cipher-Mining-Inc.-a-Newly-Formed-US-based-Bitcoin-Mining-Company-to-Become-a-Publicly-Traded-Company-via-a-Merger-with-Good-Works-Acquisition-Corp