加拿大帝国商业银行美股招股说明书(2025-12-17版)

, 2025(To Equity Index Underlying Supplement dated September 5, 2023,Prospectus Supplement dated September 5, 2023 and 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 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 will ●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) 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 Value 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 of 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 criminal 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 set 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. Digital S&P 500®Index-Linked Notes due ABOUT THIS PRICING SUPPLEMENT You should read this Pricing Supplement together with the Prospectus dated September 5, 2023 (the “Prospectus”), theProspectus Supplement dated September 5, 2023 (the “Prospectus Supplement”) and the Equity Index UnderlyingSupplement dated September 5, 2023 (the “Underlying Supplement”), each relating to our Senior Global Medium-TermNotes, for additional information about the notes. Information in this Pricing Supplement supersedes information in theaccompanying Underlying Supplement, Prospectus Supplement and Prospectus to the extent it is different from that You should rely only on the information contained in or incorporated by reference in this Pricing Supplement and theaccompanying Underlying Supplement, Prospectus Supplement and Prospectus. This Pricing Supplement may be usedonly for the purpose for which it has been prepared. No one is authorized to give information other than that contained inthis Pricing Supplement and the accompanying Underlying Supplement, Prospectus Supplement and Prospectus, and in We are not, and CIBCWM is not, making an offer to sell the notes in any jurisdiction where the offer or sale is notpermitted. Youshould not assume that the information contained in or incorporated by reference in this PricingSupplement or the accompanying Underlying Supplement, Prospectus Supplement or Prospectus is accurate as of anydate o