加拿大帝国商业银行美股招股说明书(2025-12-30版)

Subject to Completion, Dated December30, 2025PRICING SUPPLEMENT dated, 2026 (To Product Supplement No. WF-1 dated September 5, 2023, Equity Index Underlying Supplement dated September 5,2023, Prospectus Supplement dated September 5, 2023 and Prospectus dated September 5, 2023) Canadian Imperial Bank of CommerceSenior Global Medium-Term Notes Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent DownsidePrincipal at Risk Securities Linked to the Lowest Performing of the S&P 500®Index, the Russell 2000®Index and the EURO STOXX 50® Indexdue January29, 2030Linked to the lowest performing of the S&P 500®Index,the Russell 2000®Indexand the EURO STOXX 50® Index (each referred to as an “Index”)  Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at maturity and are subject to potentialautomatic call prior to maturity upon the terms described below. Whether the securities pay a Contingent Coupon Payment, whether the securities are automatically called priorto maturity and, if they are not automatically called, whether you receive the face amount of your securities at maturity will depend, in each case, on the Closing Level of theLowest Performing Index on the relevant Calculation Day. The Lowest Performing Index on any Calculation Day is the Index that has the lowest Closing Level on thatCalculation Day as a percentage of its Starting Level Contingent Coupon Payments. The securities will pay a Contingent Coupon Payment on a quarterly basis until the earlier of the Stated Maturity Date or automatic call if, andonly if, the Closing Level of the Lowest Performing Index on the related Coupon Determination Date is greater than or equal to its Coupon Threshold Level. However, if theClosing Level of the Lowest Performing Index on a Coupon Determination Date is less than its Coupon Threshold Level, you will not receive any Contingent Coupon Paymentfor the relevant quarter. If the Closing Level of the Lowest Performing Index is less than its Coupon Threshold Level on every Coupon Determination Date, you will not receiveany Contingent Coupon Payments throughout the entire term of the securities. The Coupon Threshold Level for each Index is equal to 70% of its Starting Level. The ContingentCoupon Rate will be determined on the Pricing Date and will be at least 8.00% per annum Automatic Call.If the Closing Level of the Lowest Performing Index on any of the quarterly Call Observation Dates from July2026 to October2029, inclusive, is greater thanor equal to its Starting Level, the securities will be automatically called for the face amount plus a final Contingent Coupon Payment Potential Loss of Principal.If the securities are not automatically called prior to maturity, you will receive the face amount at maturity if,and only if, the Closing Level of theLowest Performing Index on the Final Calculation Day is greater than or equal to its Downside Threshold Level. If the Closing Level of the Lowest Performing Index on theFinal Calculation Day is less than its Downside Threshold Level, you will lose more than 30%, and possibly all, of the face amount of your securities. The Downside ThresholdLevel for each Index is equal to 70% of its Starting Level If the securities are not automatically called prior to maturity, you will have full downside exposure to the Lowest Performing Index from its Starting Level if its Closing Levelon the Final Calculation Day is less than its Downside Threshold Level, but you will not participate in any appreciation of any Index and will not receive any dividends onsecurities included in any Index Your return on the securities will depend solely on the performance of the Index that is the Lowest Performing Index on each Calculation Day. You will not benefit in any wayfrom the performance of the better performing Indices. Therefore, you will be adversely affected if any Index performs poorly, even if the other Indices perform favorably All payments on the securities are subject to the credit risk of Canadian Imperial Bank of Commerce and you will have no ability to pursue any securities included in any Indexfor payment; if Canadian Imperial Bank of Commerce defaults on its obligations, you could lose all or some of your investment The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected RiskConsiderations” beginning on pagePRS-9 herein and “Risk Factors” beginning on pageS-1 of the accompanying underlying supplement, pageS-1 of the prospectussupplement and page1 of the prospectus. The securities are unsecured obligations of Canadian Imperial Bank of Commerce and all payments on the securities are subject to the credit risk of Canadian Imperial Bank ofCommerce. The securities will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal