加拿大帝国商业银行美股招股说明书(2026-01-09版)

Canadian Imperial Bank of Commerce Senior Global Medium-Term Notes$Capped Leveraged Buffered Notes Linked to the S&P 500®Index due January 14, 2028 ●The Capped Leveraged Buffered Notes (the “notes”) provide a 2-to-1 upside exposure to any increases in the S&P500®Index (the “Index”), subject to a Maximum Return of at least 19.00% (to be determined on the Trade Date). Ifthe level of the Index decreases, investors will be subject to 1-to-1 downside exposure to any decrease in the level ofthe Index beyond a 15% decline. Accordingly, you may lose up to 85% of the principal amount.●For each $1,000 in principal amount of the notes, the Payment at Maturity will be a cash amount equal to:oIf the Final Level is greater than the Initial Level, the lesser of:(1) $1,000 + ($1,000 × Percentage Change × 200%); and(2) $1,000 + ($1,000 × Maximum Return)oIf the Final Level is equal to or less than the Initial Level but greater than or equal to the Buffer Level:$1,000oIf the Final Level is less than the Buffer Level:$1,000 + [$1,000 × (Percentage Change + 15%)]●The notes do not pay interest. ●The notes will not be listed on any securities exchange. ●The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.The notes are unsecured obligations of the Bank and any payment on the notes is subject to the credit risk of the Bank. The notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, theU.S. Federal Deposit Insurance Corporation, or any other government agency or instrumentality of Canada,the United States or any other jurisdiction. The notes are not bail-inabledebt securities (as defined on page 6 ofthe prospectus).Neither the Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or disapproved of these notes or determined if this pricing supplement or theaccompanying underlying supplement, prospectus supplement or prospectus is truthful or complete. Anyrepresentation to the contrary is a criminal offense. Investing in the notes involves risks not associated with an investment in ordinary debt securities. See“Additional Risk Factors” beginning on page PS-7 of this pricing supplement, and “Risk Factors” beginningon pageS-1 of the accompanying underlying supplement, pageS-1 of the prospectus supplement and page1of the prospectus. (1)Because certain dealers who purchase the notes for sale to certain fee-based advisory accounts may forgo some or all oftheir commissions or selling concessions, the price to public for investors purchasing the notes in these accounts may bebetween $998.50 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 $1.50(0.15%) per $1,000 principal amount of the notes. CIBCWM may use a portion or all of its commission to allow sellingconcessions to other dealers in connection with the distribution of the notes. The other dealers may forgo, in their solediscretion, some or all of their selling concessions. See “Supplemental Plan of Distribution (Conflicts of Interest)” onpage PS-13 of this pricing supplement. The initial estimated value of the notes on the Trade Date as determined by the Bank is expected to be between$966.80 and $991.20 per $1,000 principal amount of the notes, which is expected to be less than the price to public.See “The Bank’s Estimated Value of the Notes” in this pricing supplement. We will deliver the notes in book-entry form through the facilities of The Depository Trust Company (“DTC”) on orabout January 21, 2026 against payment in immediately available funds. You should read this pricing supplement together with the prospectus dated September 5, 2023 (the “prospectus”),the prospectus supplement dated September 5, 2023 (the “prospectus supplement”) and the Equity Index UnderlyingSupplement dated September 5, 2023 (the “underlying supplement”). Information in this pricing supplementsupersedes information in the underlying supplement, the prospectus supplement and the prospectus to the extent itis different from that information. Certain terms used but not defined herein will have the meanings set forth in theunderlying supplement, the prospectus supplement or the prospectus. You should rely only on the information contained in or incorporated by reference in this pricing supplement and theaccompanying underlying supplement, the prospectus supplement and the prospectus. This pricing supplement maybe used only for the purpose for which it has been prepared. No one is authorized to give information other than thatcontained in this pricing supplement and the accompanying underlying supplement, the prospectus supplement andthe prospectus, and in the documents referred to in those documents and which are made available to the public. We,CIBCWM and our other affiliates have not authorized any other person to provide you with different or additionalinformation. If anyon