加拿大帝国商业银行美股招股说明书(2026-01-26版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying productsupplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy thesesecurities in any jurisdiction where the offer or sale is not permitted. Subject to Completion, Dated January 26, 2026 PRICING SUPPLEMENT dated (To Product Supplement No. WF-1 dated September 5, 2023, Stock-Linked Underlying Supplement datedSeptember 5, 2023, Prospectus Supplement dated September 5, 2023 and Prospectus dated September 5, Canadian Imperial Bank of Commerce Senior Global Medium-Term Notes Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature Principal at Risk Securities Linked to the Class C Capital Stock of Zillow Group, Inc. due February 2, 2029Linked to the Class C capital stock of Zillow Group, Inc. (the "Underlying Stock") 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 topotential automatic call prior to maturity upon the terms described below. Whether the securities pay a Contingent Coupon Payment, whether the securities areautomatically called prior to maturity and, if they are not automatically called, whether you receive the face amount of your securities at maturity will depend, in each Contingent Coupon Payments.The securities will pay a Contingent Coupon Payment on a quarterly basis until the earlier of the Stated Maturity Date or automaticcall if, and only if, the Stock Closing Price of the Underlying Stock on the related Coupon Determination Date is greater than or equal to the Coupon Threshold Price.In addition, if the Stock Closing Price of the Underlying Stock on one or more Coupon Determination Dates is less than the Coupon Threshold Price and, on asubsequent Coupon Determination Date, the Stock Closing Price of the Underlying Stock on that subsequent Coupon Determination Date is greater than or equal to theCoupon Threshold Price, on the Coupon Payment Date related to that subsequent Coupon Determination Date, you will receive the Contingent Coupon Payment duefor that subsequent Coupon Determination Date plus all previously unpaid Contingent Coupon Payments (without interest on amounts previously unpaid). If the Stock Automatic Call.If the Stock Closing Price of the Underlying Stock on any of the quarterly Call Observation Dates from April 2026 to October 2028, inclusive, isgreater than or equal to the Starting Price, the securities will be automatically called for the face amount plus the final Contingent Coupon Payment and any previouslyunpaid Contingent Coupon Payments otherwise due 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 EndingPrice is greater than or equal to the Downside Threshold Price. If the Ending Price is less than the Downside Threshold Price, you will lose more than 40%, andpossibly all, of the face amount of your securities. The Downside Threshold Price is equal to 60% of the Starting Price If the securities are not automatically called prior to maturity, you will have full downside exposure to the Underlying Stock from the Starting Price if the Ending Priceis less than the Downside Threshold Price, but you will not participate in any appreciation of the Underlying Stock and will not receive any dividends on theUnderlying Stock 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 the Underlying Stock Issuerfor payment; if Canadian Imperial Bank of Commerce defaults on its obligations, you could lose all or some of your investmentNo exchange listing; designed to be held to maturity or earlier automatic call The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See"Selected Risk Considerations" beginning on page PRS-9 herein and "Risk Factors" beginning on page S-1 of the accompanying underlying supplement,page S-1 of the prospectus supplement and page 1 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 CanadianImperial Bank of Commerce. The securities will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit InsuranceCorporation or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. The securities are not bail-inable debtsecurities (as defined on page 6 of the prospectus). Neither the Securities and Exchange Commission (the "SEC") nor any state or provincial securities commissio