加拿大帝国商业银行美股招股说明书(2026-01-14版)

Subject to Completion, Dated January 14, 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 GEARS $Notes Linked to the EURO STOXX 50®Index due on or about January 27, 2031 Investment Description These Trigger GEARS (the “Notes”) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”) with returns linked to theEURO STOXX 50®Index (the “Underlying”). The Notes will rank equally with all of our other unsecured and unsubordinated debt obligations. If the UnderlyingReturn is greater than zero, CIBC will pay the principal amount at maturity plus a return equal to the Upside Gearing multiplied by the Underlying Return. If theUnderlying Return is equal to or less than zero but greater than or equal to -25% (the “Trigger Amount”), CIBC will pay the full principal amount at maturity.However, if the Underlying Return is less than the Trigger Amount, CIBC will pay less than the full principal amount at maturity, if anything, resulting in a loss ofprincipal that is proportionate to the negative Underlying Return. Investing in the Notes involves significant risks. The Notes do not pay any interest. You may lose some or all of your principal amount. Any payment on theNotes, including any repayment of principal at maturity, is subject to 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 lose your entire investment. Key Dates1 Features Trade DateJanuary 22, 2026Settlement DateJanuary 27, 2026Final Valuation Date2January 22, 2031Maturity Date2January 27, 2031 ❑Enhanced Growth Potential:At maturity, the Notes enhance any positive UnderlyingReturn. If the Underlying Return is negative, investors may be exposed to the downsidemarket risk of the negative Underlying Return at maturity.❑Contingent Repayment of Principal at Maturity:If the Underlying Return is equal to or less than zero but greater than or equal to the Trigger Amount, CIBC will repaythe principal amount at maturity. However, if the Underlying Return is less than theTrigger Amount, investors will be exposed to the full downside performance of theUnderlying and CIBC will pay less than the full principal amount at maturity, resultingin a loss of principal that is proportionate to the negative Underlying Return.Accordingly, you could lose some or all of the principal amount. Any payment on theNotes, including any repayment of principal, is subject to the creditworthiness of CIBC. 1Expected. In the event we make any change to the expectedTrade Date and Settlement Date, the Final Valuation Date and theMaturity Date will be changed so that the stated term of the Notesremains the same.2See page PS-4 for additional details. THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOTOBLIGATE CIBC TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILARTO THE UNDERLYING, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKETRISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASETHE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING INTHE NOTES.YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY RISKS” BEGINNING ON PAGE PS-6 AND THE MORE DETAILED “RISK FACTORS” BEGINNING ON PAGE S-1 OF THE ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE 1 OF THE ACCOMPANYING PROSPECTUS BEFORE PURCHASING ANYNOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THEMARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. Note Offering The Notes are offered at a minimum investment of $1,000 in denominations of $10 and integral multiples of $10 in excess thereof. The final terms of the Notes willbe determined on the Trade Date. See “Additional Information About the Notes” on page PS-2. The Notes offered will have the terms specified in the accompanying prospectus, prospectus supplementand underlying supplement, and the terms set forth herein. Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or disapproved of theNotes or determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement or prospectus is truthful or complete.Any representation to the contrary is a criminal offense.The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation (the “CDIC”), the U.S. Federal Deposit Insurance Corporation, or any other government agency or instrumentality of Canada, the United States or any other jurisdictio