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Latham & Watkins Advises Cipher Mining on SPAC Merger With Good Works

March 5, 2021
Cross-border team represents Bitcoin mining operation in the transaction, with a combined enterprise value of US$2 billion.

Latham & Watkins advised Cipher Mining Technologies Inc., a newly formed U.S.-based Bitcoin mining operation created by Bitfury, a leading global provider of Bitcoin mining hardware and other blockchain software and services, on its definitive agreement for a business combination with Good Works Acquisition Corp., a U.S. publicly-traded special purpose acquisition company (SPAC).  Upon closing of the transaction, the combined company will be named Cipher Mining Inc. and is expected to be listed on the Nasdaq under the new ticker symbol “CIFR”. The transaction values the combined company at an enterprise value of US$2 billion.

The Latham team was led by partners David Stewart and Ryan Maierson, with counsel Yoseph Choi, and associates Daria Latysheva and Adam Czernikiewicz. Advice on technology matters was provided by partner Christian McDermott and associate Alain Traill; on tax matters by partner Pardis Zomorodi and associate Abigail Friedman; and on employment matters by partner Bradd Williamson and associate Leah Segall.