/NOT FOR DISTRIBUTION TO
Subject to certain conditions set out in the prospectus supplement dated
On such date, holders who do not exercise their right to convert their Series 43 Shares into Series 44 Shares, will continue to hold their Series 43 Shares. The foregoing conversion rights are subject to the following:
- if CIBC determines that there would remain outstanding less than 1,000,000 Series 44 Shares, after having taken into account all Series 43 Shares tendered for conversion on
July 31, 2020 , then holders of Series 43 Shares will not be entitled to convert their shares into Series 44 Shares, and - alternatively, if CIBC determines that there would remain outstanding less than 1,000,000 Series 43 Shares, after having taken into account all Series 43 Shares tendered for conversion on
July 31, 2020 , then all, but not part, of the remaining outstanding Series 43 Shares will automatically be converted into Series 44 Shares on a one-for-one basis onJuly 31, 2020 .
In either case, CIBC will give written notice to that effect to the registered holder of Series 43 Shares no later than
The dividend rate applicable to the Series 43 Shares, should any remain outstanding after
Beneficial owners of Series 43 Shares who wish to excise their conversion right should instruct their broker or other nominee to exercise such right during the conversion period, which runs from
About CIBC
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html
SOURCE CIBC
© Canada Newswire, source