CIBC Announces Canadian Depositary Receipts Split

CIBC Announces Canadian Depositary Receipts Split

TORONTO, March 2, 2026 /CNW/ - CIBC today announced that it intends to split (the "CDR Split") its Micron Canadian Depositary Receipts (the "Splitting CDRs") effective at the close of business on March 9, 2026.

The CDR Split will be payable on March 9, 2026 (the "Payment Date") to holders of record of the Splitting CDR on March 6, 2026 (the "Record Date"). The Splitting CDRs will trade on a "due bill" basis, from the opening of the Toronto Stock Exchange (the "TSX") on March 6, 2026, until the close of the TSX on March 9, 2026, inclusive (the "due bill period"). The Splitting CDR will begin trading on the TSX on a split-adjusted basis on March 10, 2026.

After the close of trading on March 9, 2026 on the TSX, the shares of the Splitting CDR will be split based on the ratios set out below:

The CDR Splits will take effect by way of a subdivision of all of the Splitting CDRs that are outstanding after the close of trading on March 9, 2026, with each outstanding Splitting CDR automatically being split into the number of post-split affected CDRs as indicated in the table above.

CIBC confirms that the product of the CDR Ratio for the Splitting CDRs and the number of CDRs outstanding will be unchanged by the CDR Split. Accordingly, the CDR Split is not expected to have any economic impact on the value of investors' Splitting CDR positions.

CIBC has obtained an opinion from Torys LLP that the CDR Splits would not have any material adverse consequences under Canadian federal income tax laws to holders of affected CDRs resident in Canada.

CIBC reserves the right to cancel or amend this CDR action if CIBC deems it appropriate to do so before March 5, 2026.

The Prospectus Supplement in respect of the Splitting CDRs has been filed on SEDAR+ at www.sedarplus.ca. For more information about CDRs, please visit https://cdr.cibc.com.

CDR Holder Information

Holders of CDRs do not need to take any action in connection with a CDR split. CDR holders' brokerage accounts are expected to be automatically updated to reflect the CDR split. A CDR holder's broker may take a number of days to reflect the additional CDRs in their account. However, the CDR holder is expected to be able to trade the affected CDRs during this time. If a CDR holder wishes to do so, CIBC recommends they contact their broker to trade the post-split CDRs.

About CIBC  

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, 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 www.cibc.com/ca/media-centre.

SOURCE CIBC