加拿大帝国商业银行美股招股说明书(2025-12-17版)

The information in this preliminary Pricing Supplement is not complete and may be changed. This preliminary Pricing Supplement and the accompanying Underlying Supplement,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 where the offer or sale isnot permitted. Subject to Completion, Dated December 17, 2025PRICING SUPPLEMENT dated, 2025(To Equity Index Underlying Supplement dated September 5, 2023,Prospectus Supplement dated September 5, 2023 andProspectus dated September 5, 2023) Canadian Imperial Bank of Commerce $ Senior Global Medium-Term NotesDigital S&P 500®Index-Linked Notesdue The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expected to be thesecond scheduled business day after the determination date) is based on the performance of the S&P 500®Index (the “underlier”) asmeasured from the trade date to and including the determination date (expected to be between 17 and 20 months after the trade date).If the final underlier level on the determination date isgreater thanorequal to90.00% of the initial underlier level (set on the trade dateand may be higher or lower than the actual closing level of the underlier on that date), you will receive the maximum settlement amount(expected to be between $1,111.10 and $1,130.70 for each $1,000 principal amount of your notes).If the final underlier leveldeclines by more than 10.00% from the initial underlier level, the return on your notes will be negative.You could lose yourentire 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 isgreater thanorequal to-10.00% (i.e. the final underlier level isgreater thanorequal to90.00% of theinitial underlier level), the maximum settlement amount; or●if the underlier return isless than-10.00% (i.e. the final underlier level isless than90.00% of the initial underlier level), thesumof (i) $1,000plus(ii) theproductof (a) approximately 1.1111times(b) thesumof the underlier returnplus10.00%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 page PRS-8 of this Pricing Supplementand “Risk Factors” beginning on page S-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 $973.70 and$993.70 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 page 6 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-making transaction in anote after its initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this PricingSupplement is being used in a market-making transaction. We will deliver the notes in book-entry form through the facilities of The Depository Trust Company (“DTC”) onor about, 2025against payment in immediately available funds. CIBC Capital Markets Digital S&P 500®Index-Linked Notes due ABOUT THIS PRICING SUPPLEMENT You sho