加拿大帝国商业银行美股招股说明书(2025-04-15版)

Filed Pursuant to Rule424(b)(2)Registration No.333-272447 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying underlyingsupplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction Canadian Imperial Bank of Commerce STRUCTURED INVESTMENTS Trigger PLUS Based on the Value of the EURO STOXX 50®Trigger Performance Leveraged Upside SecuritiesSM Principal at Risk Securities The Trigger PLUS are unsecured debt obligations of Canadian Imperial Bank of Commerce (“CIBC” or the “Bank”). The Trigger PLUS will pay no interest, do notguarantee the return of any principal at maturity and have the terms described in the accompanying underlying supplement, prospectus supplement and prospectus, assupplemented or modified by this document. At maturity, if the Underlying Index hasappreciatedin value, investors will receive the Stated Principal Amount of theirinvestment plus a positive return based on the leveraged upside performance of the Underlying Index. If the Underlying Indexdoes not change or depreciatesin valuebut the Final Index Value is greater than or equal to the Trigger Level, investors will receive the Stated Principal Amount of their investment. However, if the UnderlyingIndex hasdepreciatedin value so that the Final Index Value is less than the Trigger Level, investors will lose a significant portion or all of their investment, resulting in a1% loss of principal for every 1% decline in the index value over the term of the Trigger PLUS. Under these circumstances, the Payment at Maturity will be less than 65% Any payment is subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These Trigger PLUS are not securedobligations and you will not have any security interest in, or otherwise have any access to, the Underlying Index or any securities included in the UnderlyingIndex. The Trigger PLUS will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation,or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. The Trigger PLUS are not bail-inable debt The initial estimated value of the Trigger PLUS on the Pricing Date as determined by CIBC is expected to be between $900 and $920 per Trigger PLUS, which isexpected to be less than the price to public. See “Risk Factors—General Risks” beginning on page6 of this pricing supplement and “Additional Information About theTrigger PLUS—The Bank’s Estimated Value of the Trigger PLUS” on page12 of this pricing supplement for additional information. Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or disapproved thesecurities or determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement or prospectus is truthful orcomplete. Any representation to the contrary is a criminal offense. Investing in the Trigger PLUS involves risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page4 of thispricing supplement, and “Risk Factors” beginning on pageS-1 of the accompanying underlying supplement, pageS-1 of the prospectus supplement andpage1 of the prospectus. Investment Summary Trigger Performance Leveraged Upside Securities Principal at Risk Securities The Trigger PLUS Based on the Value of the EURO STOXX 50®Index due May5, 2031 (the “Trigger PLUS”) can be used:§As an alternative to direct exposure to the Underlying Index that enhances returns for any positive performance of theUnderlying Index §To enhance returns and potentially outperform the Underlying Index in a bullish scenario To provide limited protection against a loss of principal in the event of a decline of the Underlying Index as of theValuation Date but only if the Final Index Value is greater than or equal to the Trigger Level At least 197.00%, to be determined on the Pricing Date65% of the Initial Index ValueNone. You could lose your entire initial investment in the Trigger PLUS. Key Investment Rationale The TriggerPLUS offer leveraged exposure to any positive performance of the Underlying Index. In exchange for the leveraged upsidefeature, investors are exposed to the risk of loss of a significant portion or all of their investment due to the trigger feature. At maturity, aninvestor will receive an amount in cash based upon the Closing Level of the Underlying Index on the Valuation Date.Investors may lose The Trigger PLUS offer investors an opportunity to capture enhanced returns relative to a directinvestment in the Underlying Index. Atmaturity, even if the Underlying Index has declined over the term of the Trigger PLUS, you willreceive your Stated Principal Amount but