加拿大帝国商业银行美股招股说明书(2025-03-06版)

The information in this preliminary Pricing Supplement is not complete and may be changed. This preliminary Pricing Supplement and the accompanyingUnderlying Supplement, Prospectus Supplement and Prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securitiesin any jurisdiction where the offer or sale is not permitted. Subject to Completion, Dated March6, 2025PRICING SUPPLEMENT dated, 2025(To Equity Index Underlying Supplement dated September5, 2023,Prospectus Supplement dated September5, 2023 andProspectus dated September5, 2023) Canadian Imperial Bank of Commerce$ Senior Global Medium-Term NotesCapped Leveraged Buffered MSCI EAFE® The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expected to be the secondscheduled business day after the determination date) is based on the performance of the MSCI EAFE®Index (the “underlier”) asmeasured from the trade date to and including the determination date (expected to be between 26 and 29 months after the trade date).If the final underlier level on the determination date isgreater thanthe initial underlier level (set on the trade date and may be higher orlower than the actual closing level of the underlier on that date), the return on your notes will be positive and will equal the upsideparticipation rate of 2.5 times the underlier return, subject to the maximum settlement amount (expected to be between $1,211.75 and$1,249.00 for each $1,000 principal amount of your notes). If the final underlier level declines by up to 15.00% from the initial underlierlevel, you will receive the principal amount of your notes.If the final underlier level declines by more than 15.00% from the initialunderlier level, the return on your notes will be negative. You could lose your entire investment in the notes. To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the finalunderlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal amount of your notes, you willreceive an amount in cash equal to: ·if the underlier return ispositive(i.e. the final underlier level isgreater thanthe initial underlier level), thesumof (i)$1,000plus(ii)theproductof (a)$1,000times(b)2.5times(c)the underlier return, subject to the maximum settlement amount; or·if the underlier return iszeroornegativebutnot below-15.00% (i.e. the final underlier level isequal toorless thanthe initialunderlier level, but not by more than 15.00%), $1,000; or·if the underlier return isnegativeand isbelow-15.00% (i.e. the final underlier level isless thanthe initial underlier level bymore than 15.00%), thesumof (i)$1,000plus(ii)theproductof (a)approximately 1.1765times(b)thesumof the underlierreturnplus15.00%times(c)$1,000.This amount will be less than $1,000 and may be zero. The notes have complex features and investing in the notes involves risks not associated with an investment in conventionaldebt securities. See “Additional Risk Factors Specific to Your Notes” beginning on pagePRS-8 of this Pricing Supplement and“Risk Factors” beginning on pageS-1 of the accompanying Underlying Supplement. Our estimated value of the notes on the trade date, based on our internal pricing models, is expected to be between $967.00 and$987.00 per note. The estimated value is expected to be less than the initial issue price of the notes. See “The Bank’s Estimated Valueof the Notes” in this Pricing Supplement. The notes are unsecured obligations of Canadian Imperial Bank of Commerce and all payments on the notes are subject tothe credit risk of Canadian Imperial Bank of Commerce. The notes will not constitute deposits insured by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other government agency or instrumentality ofCanada, the United States or any other jurisdiction. The notes are not bail-inable debt securities (as defined on page6 of theProspectus). The notes will not be listed on any U.S. securities exchange. Neither the United States Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commissionhas approved or disapproved of these securities or determined if this Pricing Supplement or the accompanying UnderlyingSupplement, Prospectus Supplement or Prospectus is truthful or complete. Any representation to the contrary is a criminaloffense. The issue price, agent’s commission and net proceeds listed above relate to the notes we will sell initially. We may decide to selladditional notes after the trade date, at issue prices and with agent’s commissions and net proceeds that differ from the amounts setforth above. The return (whether positive or negative) on your investment will depend in part on the issue price you pay for your notes. CIBC World Markets Corp. or one of our other affiliates may use this Pricing Supplement in a market