加拿大帝国商业银行美股招股说明书(2026-05-21版)

STRUCTURED INVESTMENTSContingent Income Auto-Callable Securities due June 1, 2029 Opportunities in U.S. Equities Based on the Performance of the Common Stock of Bank of America CorporationPrincipal at Risk Securities The Contingent Income Auto-Callable Securities (the “securities”) do not guarantee the payment of interest or the repayment of principal. Instead, the securities offer theopportunity for investors to earn a Contingent Quarterly Coupon at an annual rate of at least 10.44% (to be determined on the Pricing Date), but only with respect to eachDetermination Date on which the Determination Closing Price of the Underlying Stock is greater than or equal to 70.00% of the Initial Share Price, which we refer to as theDownside Threshold Price. In addition, if the Determination Closing Price of the Underlying Stock is greater than or equal to the Initial Share Price on any Determination Date,the securities will be automatically redeemed for an amount per security equal to the Stated Principal Amount and the Contingent Quarterly Coupon. However, if the securitiesare not automatically redeemed prior to maturity, the Payment at Maturity due on the securities will be as follows: (i) if the Final Share Price is greater than or equal to theDownside Threshold Price, the Stated Principal Amount and the Contingent Quarterly Coupon with respect to the Final Determination Date, or (ii) if the Final Share Price isless than the Downside Threshold Price, investors will be exposed to the decline in the Underlying Stock on a 1-to-1 basis and will receive a Payment at Maturity that is lessthan 70.00% of the principal amount of the securities and could be zero. Moreover, if on any Determination Date, the Determination Closing Price of the Underlying Stock isless than the Downside Threshold Price, you will not receive any Contingent Quarterly Coupon for that quarterly period. As a result, investors must be willing to accept the riskof not receiving any Contingent Quarterly Coupons and also the risk of receiving a Payment at Maturity that is significantly less than the Stated Principal Amount of thesecurities and could be zero.Accordingly, investors could lose their entire initial investment in the securities.The securities are for investors who are willing to risk theirprincipal and seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of receiving few or no Contingent Quarterly Coupons over the term of the securities and in exchange for the possibility of an automatic early redemption prior to maturity. Investors will not participate in any appreciation of the Underlying Stock.Any payment is subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not securedobligations and you will not have any security interest in, or otherwise have any access to, the Underlying Stock. The securities will not constitute deposits Quarterly, on August 31, 2026, November 30, 2026, March 1, 2027, June 1, 2027, August 30, 2027, November 29, 2027, February 29,2028, May 30, 2028, August 29, 2028, November 29, 2028, February 28, 2029, and May 29, 2029 (the “Final Determination Date”).Each Determination Date is subject to postponement for non-Trading Days and certain Market Disruption Events as described under“Certain Terms of the Notes—Valuation Dates—For Notes Where the Reference Asset Is a Single Reference Stock” in the underlying (2) Of the $22.50 per security received by CIBCWM, CIBCWM will pay Morgan Stanley Wealth Management a structuring fee of $5.00 for each security. The initial estimated value of the securities on the Pricing Date as determined by CIBC is expected to be between $950.30 and $970.30 per security, which is expected to beless than the price to public. See “Risk Factors—General Risks” beginning on page 11 of this pricing supplement and “Additional Information About the Securities—The Bank’sEstimated Value of the Securities” beginning on page 15 of this pricing supplement for additional information. Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or disapproved the securitiesor determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement or prospectus is truthful or complete. Anyrepresentation to the contrary is a criminal offense. Investing in the securities involves risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 9 of this pricingsupplement, and “Risk Factors” beginning on page S-1 of the accompanying underlying supplement, page S-1 of the prospectus supplement and page 1 of theprospectus. Contingent Income Auto-Callable Securities due June 1, 2029 Based on the Performance of the Common Stock of Bank of America CorporationPrincipal at Risk Securities Contingent Income Auto-Callable Securities due June 1, 2029Based on the Pe