加拿大帝国商业银行美股招股说明书(2025-09-16版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and theaccompanying underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offerto buy these securities in any jurisdiction where the offer or sale is not permitted. Subject to Completion, Dated September 16, 2025Pricing Supplement dated, 2025(To Equity Index Underlying Supplement dated September 5, 2023,Prospectus Supplement dated September 5, 2023, and Prospectus dated September 5, 2023) Canadian Imperial Bank of Commerce Trigger Autocallable NotesNotes Linked to the Russell 2000® Index due on or about September 24, 2030 Investment Description These Trigger Autocallable Notes (the “Notes”) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”)with returns linked to the Russell 2000®Index (the “Underlying”). The Notes will rank equally with all of our other unsecured and unsubordinateddebt obligations. If the Underlying closes at or above the Initial Level on any of the quarterly Call Observation Dates beginning on September 23,2026 and ending on the Final Valuation Date, CIBC will automatically call the Notes and pay you a Call Amount equal to the principal amount perNote plus a Call Return. The Call Return, and therefore the Call Amount, increases the longer the Notes are outstanding. If the Notes are not calledbut the Final Level is at or above the Downside Threshold (75.00% of the Initial Level), at maturity, CIBC will repay the principal amount. If the Notesare not called and the Final Level is below the Downside Threshold, at maturity, CIBC will repay less than the principal amount, if anything, resultingin a loss on your initial investment that is proportionate to the decline in the Closing Level of the Underlying from the Trade Date to the FinalValuation Date, and you will lose up to 100% of your principal amount. Investing in the Notes involves significant risks. The Notes do not pay any interest. You may lose some or all of your principal amount. Youwill be exposed to the market risk of the Underlying on each Call Observation Date. Generally, the higher the Call Return on a Note, thegreater the risk of loss on that Note. The contingent repayment of principal only applies if you hold the Notes to automatic call or maturity.Any payments on the Notes, including any repayment of principal, are subject to the creditworthiness of CIBC. If CIBC were to default on itspayment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment. Key Dates1 Features Trade DateSeptember 19, 2025Settlement DateSeptember 24, 2025Call Observation Dates2Quarterly, commencing onSeptember 23, 2026Final Valuation Date2September 19, 2030Maturity Date2September 24, 2030 ❑Call Return:CIBC will automatically call the Notes for a Call Amount equal tothe principal amount plus the applicable Call Return if the Closing Level of theUnderlying on any of the quarterly Call Observation Dates beginning onSeptember 23, 2026 and ending on the Final Valuation Date is equal to orgreater than the Initial Level. The Call Return, and therefore the Call Amount,increases the longer the Notes are outstanding. ❑Contingent Repayment of Principal Amount at Maturity:If the Notes arenot called but the Final Level is at or above the Downside Threshold, atmaturity, CIBC will repay the principal amount. However, if the Notes are notcalled and the Final Level is below the Downside Threshold, CIBC will pay acash amount that is less than the principal amount, if anything, resulting in aloss on your initial investment that is proportionate to the decline in theClosing Level of the Underlying from the Trade Date to the Final ValuationDate. The contingent repayment of principal only applies if you hold the Notesuntil automatic call or maturity. Any payment on the Notes, including anyrepayment of principal, is subject to the creditworthiness of CIBC. 1Expected.2See page PS-4 for additional details. THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBCTO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE UNDERLYING,WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKET RISK IS IN ADDITION TO THECREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOTUNDERSTAND 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-7 AND THE MORE DETAILED“RISK FACTORS” BEGINNING ON PAGE S-1 OF THE ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THEACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE 1 OF THE ACCOMPANYING PROSPECTUS BEFORE PURCHASING ANY NOTES.