加拿大帝国商业银行美股招股说明书(2025-07-23版)

Index and the EURO STOXX 50®Index due on or about July 27, 2028 These Trigger Autocallable Contingent Yield Notes (the ‘‘Notes’’) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”) with equally with all of our other unsecured and unsubordinated debt obligations. CIBC will pay a quarterly Contingent Coupon if the Closing Level of each Underlying on theapplicable Coupon Determination Date (including the Final Valuation Date) is equal to or greater than its Coupon Barrier. Otherwise, no coupon will be paid for the quarter.CIBC will automatically call the Notes if the Closing Level of each Underlying on any quarterly Call Observation Date, commencing on January 23, 2026, is equal to or prior to maturity and the Final Level of the Least Performing Underlying is equal to or greater than its Downside Threshold, CIBC will pay you a cash payment at maturityequal to the principal amount of your Notes plus the final Contingent Coupon. If the Final Level of the Least Performing Underlying is less than its Downside Threshold, CIBC will pay you less than the full principal amount, if anything, resulting in a loss on your initial investment that is proportionate to the negative performance of the LeastPerforming Underlying over the term of the Notes, and you may lose up to 100% of your principal amount. Investing in the Notes involves significant risks. CIBC may not pay any Contingent Coupons on the Notes. You may lose some or all of your principal amount.You will be exposed to the market risk of each Underlying on each Coupon Determination Date and any decline in the level of one Underlying may negatively Contingent Coupon:CIBC will pay a quarterly Contingent Coupon payment if the Closing Level of eachUnderlying on the applicable Coupon Determination Date is equal to or greater than its Coupon Barrier.Otherwise, no coupon will be paid for the quarter.Key Dates¹Trade DateJuly 23, 2025Settlement DateJuly 28, 2025affect your return and will not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying. Generally, the higher theContingent Coupon Rate on a Note, the greater the risk of loss on that Note. The contingent repayment of principal only applies if you hold the Notes tomaturity or automatic call. Any payments on the Notes, including any repayment of principal, are subject to the creditworthiness of CIBC. If CIBC were todefault on its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment. Contingent Repayment of Principal Amount at Maturity:If the Notes have not been previously calledand the Final Level of the Least Performing Underlying is not less than its Downside Threshold, CIBC willpay you the principal amount per Note at maturity plus the final Contingent Coupon. If the Final Level ofthe Least Performing Underlying is less than its Downside Threshold, CIBC will pay a cash amount that islessthan the principal amount,if anything,resulting in a loss on your initial investment that isproportionate to the decline in the Closing Level of the Least Performing Underlying from the Trade Dateto the Final Valuation Date. The contingent repayment of principal only applies if you hold the Notes untilMaturity Date2July 27, 20281Expected2See page PS-5 for additional details THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBC TO REPAY THE FULLPRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE LEAST PERFORMING UNDERLYING, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBTOBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ‘‘KEY RISKS’’ BEGINNING ON PAGE PS- 8 AND THE MORE DETAILED ‘‘RISK FACTORS’’BEGINNING ON PAGE S-1 OF THE ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE1 OF THE ACCOMPANYING PROSPECTUS BEFORE PURCHASING ANY NOTES.EVENTS RELATING TO ANY OF THOSE RISKS,OR OTHER RISKS ANDUNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES.Note Offering representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation (the “CDIC”), the U.S. Federal Deposit Insurance Corporation, or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. The Notes are not bail-inable debt securities (as defined onpage8 of the prospectus). The Notes will not be listed on any securities exchange.The initial estimated value of the Notes on the Trade Date as determined by CIBC is expected to be between $9.