Wednesday, June 29 2022


TORONTO, December 9, 2021 / CNW / – CIBC (TSX: CM) (NYSE: CM) announced today that the Toronto Stock Exchange (TSX) has accepted notice of CIBC’s intention to make a normal course issuer offer. As previously announced on December 2, 2021, CIBC intends to purchase for cancellation up to ten million common shares in a new issuer bid.

TSX approval allows CIBC to purchase for cancellation from time to time up to ten million common shares, which represents approximately 2.2% of the 451,037,106 issued and outstanding common shares of CIBC dated November 30, 2021. The average daily volume of transactions for the six months ended November 30, 2021 and the maximum number of common shares that may be purchased each day, calculated in accordance with the rules of the TSX for the purposes of the issuer bid, was 1,546,462 and 386,615 common shares, respectively.

The purchase of common shares by CIBC as part of a public tender offer is consistent with the bank’s priority of maintaining a strong balance sheet, while generating shareholder value through a strategy of balanced capital deployment.

Purchases under the Offer may begin through TSX on or after December 13, 2021 and may also be effected through other Canadian trading systems and the NYSE. The Offer will be completed on the earlier of the following dates: (i) CIBC purchases 10 million Common Shares, (ii) CIBC delivers notice of termination, or (iii) December 12, 2022. CIBC Capital Markets has been retained to act as designated broker to repurchase CIBC Shares pursuant to the Offer, including under automatic share purchase plans established from time to time. Each plan would define a pre-established set of criteria determined by CIBC. The price paid for the Common Shares will be the market price at the time of purchase. Common shares purchased under the offer will be canceled.

CIBC’s normal course issuer bid, which CIBC solicited and received from the TSX to purchase up to nine million common shares, began on June 4, 2019 and expired on June 3, 2020. During the term of the previous offer, CIBC purchased 3,208,600 of its common shares for cancellation at an average price of $ 106.97 per share.

NOTE ON FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this press release, in other documents filed with the Canadian securities regulators. Securities and Exchange Commission or the United States Securities and Exchange Commission. and in other communications. These statements include, but are not limited to, statements regarding our potential normal course issuer bids and regarding our financial condition, priorities, targets, ongoing objectives, strategies and outlook. Forward-looking statements are subject to inherent risks and uncertainties which may be general or specific. A variety of factors, many of which are beyond our control, could cause actual results to differ materially from expectations expressed in any of our forward-looking statements, including general business and economic conditions around the world; changes and interpretations of venture capital guidelines; and changes in monetary and economic policy. We do not undertake to update any forward-looking statements except as required by law.

About CIBC
CIBC is a leading financial institution in North America with 11 million personal, corporate, public and institutional clients. In Personal and Commercial Banking, Commercial Banking & Wealth Management and Capital Markets, CIBC provides a full range of advice, solutions and services through its leading digital banking network and its branches through Canada, in United States and all over the world. Current press releases and more information about CIBC are available at https://www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC

For further information: Investor Relations: Alice Dunning, 416-861-8870, [email protected]; Jason Patchett, 416-980-8691, [email protected]; Investors and Financial Communications: Erica Belling, 416-594-7251, [email protected]

Related links

www.cibc.com


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