加拿大帝国商业银行美股招股说明书(2025-09-19版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanyingprospectus 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 wherethe offer or sale is not permitted. Subject to Completion, Dated September19, 2025PRICING SUPPLEMENT dated, 2025(To Prospectus Supplement dated September5, 2023 andProspectus dated September5, 2023) Canadian Imperial Bank of CommerceSenior Global Medium-Term Notes$4.00% Callable Notes due September29, 2028 We, Canadian Imperial Bank of Commerce (the “Bank” or “CIBC”), are offering $aggregate principal amount of 4.00% CallableNotes due September29, 2028 (CUSIP: 13609FAL8 / ISIN: US13609FAL85) (the “Notes”). At maturity, if the Notes have not been previously redeemed, you will receive a cash payment equal to 100% of the principal amount,plus any accrued and unpaid interest. Interest will be paid semi-annually on March29 and September29 of each year, commencing onMarch29, 2026 and ending on the Maturity Date. The Notes will accrue interest semi-annually at a rate of 4.00% per annum duringthe term of the Notes. We have the right to redeem the Notes, in whole but not in part, annually, on the Interest Payment Date falling on September29 ofeach year, beginning on September29, 2026 and ending on September29, 2027. The Redemption Price will be 100% of the principalamount plus accrued and unpaid interest to, but excluding, the applicable Optional Redemption Date. The Notes will be issued in minimum denominations of $1,000, and integral multiples of $1,000 in excess thereof. The Notes will not be listed on any securities exchange. The Notes are unsecured obligations of CIBC and all payments on the Notes are subject to the credit risk of CIBC. The Noteswill not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit InsuranceCorporation or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. Neither the Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approvedor disapproved of these Notes or determined if this pricing supplement or the accompanying prospectus supplement andprospectus is truthful or complete. Any representation to the contrary is a criminal offense. The Notes are bail-inable debt securities (as defined in the accompanying prospectus) and subject to conversion in whole or in part –by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliatesunder subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation or extinguishment inconsequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein inrespect of the operation of the CDIC Act with respect to the Notes. See “Description of Senior Debt Securities — Special ProvisionsRelated to Bail-inable Debt Securities” and “— Canadian Bank Resolution Powers” in the accompanying prospectus and “RiskFactors — Risks Relating to Bail-Inable Notes” in the accompanying prospectus supplement. Investing in the Notes involves risks. See the “Additional Risk Factors” beginning on pagePS-5 of this pricing supplement andthe “Risk Factors” beginning on pageS-1 of the accompanying prospectus supplement and page1 of the prospectus. (1)Because certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of theircommissions or selling concessions, the price to public for investors purchasing the Notes in these accounts may be between$990.00 and $1,000.00 per Note.(2)CIBC World Markets Corp. (“CIBCWM”), acting as agent for the Bank, will receive a commission of up to $10.00 (1.00%) per $1,000 principal amount of the Notes. CIBCWM may use a portion or all of its commission to allow selling concessions to otherdealers in connection with the distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of theirselling concessions. See “Supplemental Plan of Distribution (Conflicts of Interest)” on pagePS-11 of this pricing supplement. We will deliver the Notes in book-entry form through the facilities of The Depository Trust Company (“DTC”) on or aboutSeptember29, 2025 against payment in immediately available funds. CIBC Capital Markets ABOUT THIS PRICING SUPPLEMENT You should read this pricing supplement together with the prospectus dated September5, 2023 (the “prospectus”) and the prospectussupplement dated September5, 2023 (the “prospectus supplement”), each relating to our Senior Global Medium-Term Notes of whichthese Notes are a part, for additional information about the Notes. Information in this pricing supplement supersedes information in theprospectus supp