加拿大帝国商业银行美股招股说明书(2026-03-27版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanyingproduct supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer tobuy these securities in any jurisdiction where the offer or sale is not permitted. Subject to Completion, Dated March 27, 2026PRICING SUPPLEMENT dated, 2026(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, 2023) Canadian Imperial Bank of Commerce Senior Global Medium-Term Notes Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Featureand Contingent Downside Principal at Risk Securities Linked to the Class A Common Stock of Palantir Technologies Inc. due April 19, 2029 Linked to the Class A common stock of Palantir Technologies 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, ineach case, on the Stock Closing Price of the Underlying Stock on the relevant Calculation Day. Contingent Coupon Payments. The securities will pay a Contingent Coupon Payment on a quarterly basis until the earlier of the Stated Maturity Date orautomatic call 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 CouponThreshold Price. In addition, if the Stock Closing Price of the Underlying Stock on one or more Coupon Determination Dates is less than the Coupon ThresholdPrice and, on a subsequent Coupon Determination Date, the Stock Closing Price of the Underlying Stock on that subsequent Coupon Determination Date is greaterthan or equal to the Coupon Threshold Price, on the Coupon Payment Date related to that subsequent Coupon Determination Date, you will receive the ContingentCoupon Payment due for that subsequent Coupon Determination Date plus all previously unpaid Contingent Coupon Payments (without interest on amountspreviously unpaid). If the Stock Closing Price of the Underlying Stock is less than the Coupon Threshold Price on every Coupon Determination Date, you will notreceive any Contingent Coupon Payments throughout the entire term of the securities. The Coupon Threshold Price is equal to 50% of the Starting Price. TheContingent Coupon Rate will be determined on the Pricing Date and will be at least 15.25% per annum Automatic Call.If the Stock Closing Price of the Underlying Stock on any of the quarterly Call Observation Dates from October 2026 to January 2029, inclusive,is greater than or equal to the Starting Price, the securities will be automatically called for the face amount plus the final Contingent Coupon Payment and anypreviously unpaid 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 50%, andpossibly all, of the face amount of your securities. The Downside Threshold Price is equal to 50% of the Starting Price If the securities are not automatically called prior to maturity, you will have full downside exposure to the Underlying Stockfrom the Starting Price if the EndingPrice is 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 StockIssuer for 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 debtsecurities. See “Selected Risk Considerations” beginning on page PRS-9 herein and “Risk Factors” beginning on page S-1 of the accompanyingunderlying 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