加拿大帝国商业银行美股招股说明书(2026-01-13版)

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 is notpermitted. Subject to Completion, Dated January 13, 2026Pricing Supplement dated, 2026(To Equity Index Underlying Supplement dated September 5, 2023,Prospectus Supplement dated September 5, 2023, and Prospectus dated September 5, 2023)Canadian Imperial Bank of Commerce Trigger Autocallable Notes $Notes Linked to the S&P 500®Index due on or about January 18, 2028 Investment Description These Trigger Autocallable Notes (the “Notes”) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”) with returns linked to the S&P500®Index (the “Underlying”). The Notes will rank equally with all of our other unsecured and unsubordinated debt obligations. If the Underlying closes at or above the InitialLevel on any of the quarterly Call Observation Dates beginning on July 13, 2026 and ending on the Final Valuation Date, CIBC will automatically call the Notes and pay you aCall Amount equal to the principal amount per Note plus a Call Return. The Call Return, and therefore the Call Amount, increases the longer the Notes are outstanding. If theNotes are not called but the Final Level is at or above the Downside Threshold (80.00% of the Initial Level), at maturity, CIBC will repay the principal amount. If the Notes arenot called and the Final Level is below the Downside Threshold, at maturity, CIBC will repay less than the principal amount, if anything, resulting in a loss on your initialinvestment that is proportionate to the decline in the Closing Level of the Underlying from the Trade Date to the Final Valuation Date, and you will lose up to 100% of yourprincipal amount. Investing in the Notes involves significant risks. The Notes do not pay any interest. You may lose some or all of your principal amount. You will be exposed to themarket risk of the Underlying on each Call Observation Date. Generally, the higher the Call Return on a Note, the greater the risk of loss on that Note. The contingentrepayment of principal only applies if you hold the Notes to automatic call or maturity. Any payments on the Notes, including any repayment of principal, are subjectto the creditworthiness of CIBC. If CIBC were to default on its payment obligations, you may not receive any amounts owed to you under the Notes and you could loseyour entire investment. Key Dates1 Features ❑Call Return:CIBC will automatically call the Notes for a Call Amount equal to the principalamount plus the applicable Call Return if the Closing Level of the Underlying on any of thequarterly Call Observation Dates beginning on July 13, 2026 and ending on the FinalValuation Date is equal to or greater than the Initial Level. The Call Return, and therefore theCall Amount, increases the longer the Notes are outstanding.❑Contingent Repayment of Principal Amount at Maturity:If the Notes are not called but Trade DateJanuary 13, 2026Settlement DateJanuary 15, 2026Call Observation Dates2Quarterly, commencing on July 13,2026Final Valuation Date2January 13, 2028Maturity Date2January 18, 2028 the Final Level is at or above the Downside Threshold, at maturity, CIBC will repay theprincipal amount. However, if the Notes are not called and the Final Level is below theDownside Threshold, CIBC will pay a cash amount that is less than the principal amount, ifanything, resulting in a loss on your initial investment that is proportionate to the decline inthe Closing Level of the Underlying from the Trade Date to the Final Valuation Date. Thecontingent repayment of principal only applies if you hold the Notes until automatic call ormaturity. Any payment on the Notes, including any repayment of principal, is subject to thecreditworthiness of CIBC. 1Expected.2See page PS-4 for additional details. THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBCTO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE UNDERLYING,WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKET RISK IS IN ADDITION TO THECREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOTUNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY RISKS” BEGINNING ON PAGE PS-6 AND THE MORE DETAILED “RISKFACTORS” BEGINNING ON PAGE S-1 OF THE ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THE ACCOMPANYINGPROSPECTUS SUPPLEMENT AND PAGE 1 OF THE ACCOMPANYING PROSPECTUS BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANYOF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOURNOTES. Note Offering The Notes are offered at a minimum investm