CM Canadian Imperial Bank of Commerce

 

	Filed Pursuant to Rule 433 Registration No. 333-272447 Free Writing Prospectus dated May 13, 2024 to Preliminary Pricing Supplement dated May 9, 2024

Contingent Income Auto-Callable Securities with Memory Coupon due May 20, 2027 Based on the Performance of the Common Stock of NVIDIA Corporation 

 

Principal at Risk Securities 

 

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, underlying supplement, prospectus supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision. 

 

 

 

We have filed a registration statement (including an underlying supplement, a prospectus supplement and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read these documents and other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you these documents if you so request by calling toll-free at 1-833-931-0275.

 

Underlying Stock

 

For more information about the Underlying Stock, including historical performance information, see the accompanying preliminary pricing supplement.

 

Risk Considerations

 

The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

 

Risks Relating to the Structure of the Securities

	•	The securities do not guarantee the return of any principal.
	•	The securities do not provide for the payment of fixed interest, and you may receive no Contingent Quarterly Coupons on most or all of the Coupon Payment Dates.
	•	Investors will not participate in any appreciation in the price of the Underlying Stock and the return on the securities will be limited to any Contingent Quarterly Coupons paid on the securities.
	•	The automatic early redemption feature limits your potential return.
	•	Higher Contingent Quarterly Coupon or lower Downside Threshold Price are generally associated with a reference asset with greater expected volatility and therefore can indicate a greater risk of loss.
	•	The payments on the securities are based only on the Closing Prices of the Underlying Stock on the Determination Dates.
	•	Investing in the securities is not equivalent to investing in the Underlying Stock.

 

Risks Relating to the Underlying Stock

	•	The securities will be subject to single stock risk.
	•	The antidilution adjustments that the calculation agent is required to make do not cover every event that could affect the price of the Underlying Stock.
	•	We have no affiliation with NVIDIA Corporation.
	•	We may engage in business with or involving NVIDIA Corporation without regard to your interests.
	•	Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.

 

Conflicts of Interest

	•	Certain business, trading and hedging activities of us and our affiliates may create conflicts with your interests and could potentially adversely affect the value of the securities.
	•	There are potential conflicts of interest between you and the calculation agent.

 

General Risks

	•	Payments on the securities are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the securities.
	•	The Bank’s initial estimated value of the securities will be lower than the initial issue price (price to public) of the securities.
	•	The Bank’s initial estimated value does not represent future values of the securities and may differ from others’ estimates.
	•	The Bank’s initial estimated value of the securities will not be determined by reference to credit spreads for our conventional fixed-rate debt.
	•	If CIBCWM were to repurchase your securities after the Original Issue Date, the price may be higher than the then-current estimated value of the securities for a limited time period.
	•	Economic and market factors may adversely affect the terms and market price of the securities prior to maturity.
	•	The securities will not be listed on any securities exchange and we do not expect a trading market for the securities to develop.

 

Tax Considerations

 

You should review carefully the discussion in “Additional Information About the Securities — United States Federal Income Tax Considerations” and “— Certain Canadian Federal Income Tax Considerations” in the accompanying pricing supplement, “Material U.S. Federal Income Tax Consequences” in the underlying supplement and “Material Income Tax Consequences—Canadian Taxation” in the prospectus concerning the U.S. and the Canadian federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

 

 

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