STOCK TITAN

[DEFA14A] Couchbase, Inc. Additional Proxy Soliciting Materials

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
DEFA14A
Rhea-AI Filing Summary

Canadian Imperial Bank of Commerce (CM) is offering US$26.85 million of Accelerated Return Notes (ARNs) linked to the iShares U.S. Aerospace & Defense ETF (ITA). The notes are senior, unsecured obligations that expose holders to CIBC’s credit risk and the market performance of ITA over an approximately 14-month term (pricing date: June 26 2025; maturity: August 28 2026).

Key economic terms

  • Principal: US$10 per unit; 2,684,947 units issued.
  • Participation Rate: 300% of any positive price return.
  • Capped Value: US$11.29 per unit, limiting maximum gain to 12.90%.
  • Downside: 1-to-1 exposure; investors can lose up to 100% of principal if ITA declines.
  • Initial estimated value: US$9.655 (≈3.45% below issue price) due to underwriting discount (US$0.175) and hedging cost (US$0.05).
  • No periodic coupons, no early redemption, and no exchange listing; liquidity will be limited to dealer bid-offer.

Risk highlights

  • Full downside exposure and capped upside create an unfavorable risk-reward profile compared with direct ETF ownership.
  • Credit risk of CIBC: any payment depends on the bank’s ability to meet its obligations.
  • Valuation friction: internal funding rate and hedging costs depress fair value; secondary prices likely below issue price.
  • Sector concentration: ITA’s top three holdings equal 44.03% of fund weight, heightening single-stock impact.

Investor profile: Suitable only for investors who 1) expect a modest rise in ITA, 2) can tolerate full principal loss, 3) do not need income or dividends, and 4) accept limited liquidity.

La Canadian Imperial Bank of Commerce (CM) offre Notes di Rendimento Accelerato (ARN) per un valore di 26,85 milioni di dollari USA, collegate all'iShares U.S. Aerospace & Defense ETF (ITA). Le note sono obbligazioni senior non garantite che espongono i detentori al rischio di credito di CIBC e alla performance di mercato di ITA per un periodo di circa 14 mesi (data di prezzo: 26 giugno 2025; scadenza: 28 agosto 2026).

Termini economici principali

  • Capitale: 10 dollari USA per unità; 2.684.947 unità emesse.
  • Tasso di partecipazione: 300% di qualsiasi rendimento positivo del prezzo.
  • Valore massimo: 11,29 dollari USA per unità, limitando il guadagno massimo al 12,90%.
  • Rischio di ribasso: esposizione 1 a 1; gli investitori possono perdere fino al 100% del capitale se ITA scende.
  • Valore stimato iniziale: 9,655 dollari USA (circa 3,45% sotto il prezzo di emissione) a causa dello sconto di sottoscrizione (0,175 dollari) e del costo di copertura (0,05 dollari).
  • Non sono previsti coupon periodici, nessun rimborso anticipato e nessuna quotazione in borsa; la liquidità sarà limitata alle offerte dei dealer.

Punti di rischio

  • Esposizione completa al ribasso e guadagno limitato creano un profilo rischio-rendimento sfavorevole rispetto alla proprietà diretta dell'ETF.
  • Rischio di credito di CIBC: ogni pagamento dipende dalla capacità della banca di adempiere ai propri obblighi.
  • Attrito di valutazione: il tasso interno di finanziamento e i costi di copertura riducono il valore equo; i prezzi secondari saranno probabilmente inferiori al prezzo di emissione.
  • Concentrazione settoriale: le prime tre partecipazioni di ITA rappresentano il 44,03% del peso del fondo, aumentando l'impatto di singoli titoli.

Profilo dell'investitore: adatto solo a investitori che 1) prevedono un modesto aumento di ITA, 2) possono tollerare la perdita totale del capitale, 3) non necessitano di reddito o dividendi, e 4) accettano una liquidità limitata.

El Canadian Imperial Bank of Commerce (CM) ofrece Notas de Retorno Acelerado (ARNs) por US$26.85 millones vinculadas al iShares U.S. Aerospace & Defense ETF (ITA). Las notas son obligaciones senior no garantizadas que exponen a los tenedores al riesgo crediticio de CIBC y al desempeño del mercado de ITA durante un plazo aproximado de 14 meses (fecha de precio: 26 de junio de 2025; vencimiento: 28 de agosto de 2026).

Términos económicos clave

  • Principal: US$10 por unidad; 2.684.947 unidades emitidas.
  • Tasa de participación: 300% de cualquier retorno positivo del precio.
  • Valor máximo: US$11.29 por unidad, limitando la ganancia máxima al 12.90%.
  • Riesgo a la baja: exposición 1 a 1; los inversionistas pueden perder hasta el 100% del principal si ITA baja.
  • Valor estimado inicial: US$9.655 (≈3.45% por debajo del precio de emisión) debido al descuento de suscripción (US$0.175) y costo de cobertura (US$0.05).
  • No hay cupones periódicos, no hay redención anticipada ni cotización en bolsa; la liquidez estará limitada a las ofertas de los distribuidores.

Puntos de riesgo

  • Exposición completa a la baja y ganancia limitada crean un perfil riesgo-recompensa desfavorable comparado con la propiedad directa del ETF.
  • Riesgo crediticio de CIBC: cualquier pago depende de la capacidad del banco para cumplir sus obligaciones.
  • Fricción en la valoración: la tasa interna de financiamiento y los costos de cobertura reducen el valor justo; los precios secundarios probablemente estén por debajo del precio de emisión.
  • Concentración sectorial: las tres principales participaciones de ITA representan el 44.03% del peso del fondo, aumentando el impacto de acciones individuales.

Perfil del inversionista: adecuado solo para inversionistas que 1) esperan un modesto aumento en ITA, 2) pueden tolerar la pérdida total del principal, 3) no necesitan ingresos ni dividendos, y 4) aceptan liquidez limitada.

캐나디언 임페리얼 뱅크 오브 커머스(CM)는 iShares 미국 항공우주 및 방위 ETF(ITA)에 연계된 가속 수익 노트(ARN) 2,685만 달러어치를 제공합니다. 이 노트는 선순위 무담보 채무로, 보유자는 CIBC의 신용 위험과 약 14개월 기간 동안 ITA의 시장 성과에 노출됩니다(가격 결정일: 2025년 6월 26일; 만기: 2026년 8월 28일).

주요 경제 조건

  • 원금: 단위당 10달러; 2,684,947 단위 발행.
  • 참여율: 긍정적인 가격 수익의 300%.
  • 상한 가치: 단위당 11.29달러로 최대 수익률 12.90% 제한.
  • 하방 위험: 1대1 노출; ITA가 하락할 경우 투자자는 원금의 최대 100% 손실 가능.
  • 초기 추정 가치: 9.655달러(발행가 대비 약 3.45% 낮음), 인수 할인(0.175달러) 및 헤징 비용(0.05달러) 반영.
  • 정기 쿠폰 없음, 조기 상환 불가, 거래소 상장 없음; 유동성은 딜러 매도-매수 호가에 한정.

위험 요점

  • 완전한 하방 노출과 상한 수익률은 직접 ETF 보유 대비 불리한 위험-보상 프로필을 형성.
  • CIBC 신용 위험: 지급은 은행의 채무 이행 능력에 달려 있음.
  • 평가 마찰: 내부 자금 조달 금리 및 헤징 비용이 공정 가치를 낮춤; 2차 시장 가격은 발행가 이하일 가능성 높음.
  • 섹터 집중: ITA 상위 3개 보유 종목이 펀드 비중의 44.03% 차지, 개별 주식 영향력 증가.

투자자 프로필: 1) ITA의 완만한 상승을 기대하고, 2) 원금 전액 손실을 감내할 수 있으며, 3) 수익이나 배당금이 필요 없고, 4) 제한된 유동성을 수용하는 투자자에게만 적합.

La Canadian Imperial Bank of Commerce (CM) propose des Notes de Rendement Accéléré (ARN) d’une valeur de 26,85 millions de dollars américains, liées à l’iShares U.S. Aerospace & Defense ETF (ITA). Ces notes sont des obligations senior non garanties exposant les détenteurs au risque de crédit de CIBC et à la performance du marché de l’ITA sur une durée d’environ 14 mois (date de tarification : 26 juin 2025 ; échéance : 28 août 2026).

Principaux termes économiques

  • Capital : 10 USD par unité ; 2 684 947 unités émises.
  • Taux de participation : 300 % de tout rendement positif du prix.
  • Valeur plafonnée : 11,29 USD par unité, limitant le gain maximal à 12,90 %.
  • Risque à la baisse : exposition 1 pour 1 ; les investisseurs peuvent perdre jusqu’à 100 % du capital si l’ITA baisse.
  • Valeur estimée initiale : 9,655 USD (≈3,45 % en dessous du prix d’émission) en raison de la décote de souscription (0,175 USD) et du coût de couverture (0,05 USD).
  • Pas de coupons périodiques, pas de remboursement anticipé, ni de cotation en bourse ; la liquidité sera limitée aux offres des courtiers.

Points clés de risque

  • Exposition totale à la baisse et gain plafonné créent un profil risque-rendement défavorable comparé à la détention directe de l’ETF.
  • Risque de crédit de CIBC : tout paiement dépend de la capacité de la banque à honorer ses engagements.
  • Friction de valorisation : le taux de financement interne et les coûts de couverture dépriment la juste valeur ; les prix secondaires seront probablement inférieurs au prix d’émission.
  • Concentration sectorielle : les trois principales positions de l’ITA représentent 44,03 % du poids du fonds, augmentant l’impact des actions individuelles.

Profil de l’investisseur : Convient uniquement aux investisseurs qui 1) anticipent une légère hausse de l’ITA, 2) peuvent tolérer une perte totale du capital, 3) n’ont pas besoin de revenus ou dividendes, et 4) acceptent une liquidité limitée.

Die Canadian Imperial Bank of Commerce (CM) bietet Accelerated Return Notes (ARNs) im Wert von 26,85 Millionen US-Dollar an, die an den iShares U.S. Aerospace & Defense ETF (ITA) gekoppelt sind. Die Notes sind vorrangige, unbesicherte Schuldverschreibungen, die die Inhaber dem Kreditrisiko von CIBC und der Marktentwicklung von ITA über eine Laufzeit von etwa 14 Monaten aussetzen (Preisfeststellung: 26. Juni 2025; Fälligkeit: 28. August 2026).

Wesentliche wirtschaftliche Bedingungen

  • Nennwert: 10 US-Dollar pro Einheit; 2.684.947 Einheiten ausgegeben.
  • Partizipationsrate: 300 % jeglicher positiver Kursrendite.
  • Begrenzter Wert: 11,29 US-Dollar pro Einheit, begrenzt den maximalen Gewinn auf 12,90 %.
  • Abwärtsrisiko: 1-zu-1-Exponierung; Anleger können bis zu 100 % des Kapitals verlieren, wenn ITA fällt.
  • Anfänglicher geschätzter Wert: 9,655 US-Dollar (≈3,45 % unter dem Ausgabepreis) aufgrund von Zeichnungsrabatt (0,175 US-Dollar) und Absicherungskosten (0,05 US-Dollar).
  • Keine periodischen Kupons, keine vorzeitige Rückzahlung und keine Börsennotierung; Liquidität beschränkt sich auf Händler-Kauf- und Verkaufspreise.

Risikohighlights

  • Volle Abwärtsrisiko und begrenztes Aufwärtspotenzial schaffen ein ungünstiges Risiko-Rendite-Profil im Vergleich zum direkten ETF-Besitz.
  • Kreditrisiko von CIBC: Zahlungen hängen von der Fähigkeit der Bank ab, ihre Verpflichtungen zu erfüllen.
  • Bewertungsreibung: Interner Finanzierungssatz und Absicherungskosten drücken den fairen Wert; Sekundärpreise liegen wahrscheinlich unter dem Ausgabepreis.
  • Sektor-Konzentration: Die drei größten Positionen von ITA machen 44,03 % des Fondsgewichts aus, was die Auswirkungen einzelner Aktien erhöht.

Investorprofil: Geeignet nur für Anleger, die 1) einen moderaten Anstieg von ITA erwarten, 2) einen vollständigen Kapitalverlust tolerieren können, 3) keine Einkünfte oder Dividenden benötigen und 4) eine begrenzte Liquidität akzeptieren.

Positive
  • None.
Negative
  • None.

Insights

TL;DR: Small, routine structured-note issuance; marginal revenue for CIBC, high embedded costs and full downside for buyers.

The US$26.9 million ARN deal is immaterial to CIBC’s balance sheet but generates fee and hedging income (≈US$0.225 per unit combined). For investors, the 12.90% cap versus unlimited downside creates an asymmetric payoff that favors the issuer, particularly given the 14-month term. The initial value discount and expected wide bid-ask spread mean early exits will likely crystallize losses. From a credit perspective, adding <1 bp to CIBC’s wholesale funding is neutral. Overall market impact: negligible.

TL;DR: Product transfers ETF downside to retail buyers; liquidity and credit risks are significant.

The structure embeds 300% leverage but caps gains at 12.90%, effectively selling a series of call spreads to investors while CIBC hedges dynamically. Because ITA is concentrated in aerospace & defense names and sensitive to U.S. defense outlays, volatility spikes could hurt note values well before maturity. Investors also face dealer mark-downs in any secondary sale. Tax treatment is uncertain (pre-paid derivative), and withholding on dividend equivalents begins 2027, slightly outside maturity. Net impact: elevated risk, limited reward.

La Canadian Imperial Bank of Commerce (CM) offre Notes di Rendimento Accelerato (ARN) per un valore di 26,85 milioni di dollari USA, collegate all'iShares U.S. Aerospace & Defense ETF (ITA). Le note sono obbligazioni senior non garantite che espongono i detentori al rischio di credito di CIBC e alla performance di mercato di ITA per un periodo di circa 14 mesi (data di prezzo: 26 giugno 2025; scadenza: 28 agosto 2026).

Termini economici principali

  • Capitale: 10 dollari USA per unità; 2.684.947 unità emesse.
  • Tasso di partecipazione: 300% di qualsiasi rendimento positivo del prezzo.
  • Valore massimo: 11,29 dollari USA per unità, limitando il guadagno massimo al 12,90%.
  • Rischio di ribasso: esposizione 1 a 1; gli investitori possono perdere fino al 100% del capitale se ITA scende.
  • Valore stimato iniziale: 9,655 dollari USA (circa 3,45% sotto il prezzo di emissione) a causa dello sconto di sottoscrizione (0,175 dollari) e del costo di copertura (0,05 dollari).
  • Non sono previsti coupon periodici, nessun rimborso anticipato e nessuna quotazione in borsa; la liquidità sarà limitata alle offerte dei dealer.

Punti di rischio

  • Esposizione completa al ribasso e guadagno limitato creano un profilo rischio-rendimento sfavorevole rispetto alla proprietà diretta dell'ETF.
  • Rischio di credito di CIBC: ogni pagamento dipende dalla capacità della banca di adempiere ai propri obblighi.
  • Attrito di valutazione: il tasso interno di finanziamento e i costi di copertura riducono il valore equo; i prezzi secondari saranno probabilmente inferiori al prezzo di emissione.
  • Concentrazione settoriale: le prime tre partecipazioni di ITA rappresentano il 44,03% del peso del fondo, aumentando l'impatto di singoli titoli.

Profilo dell'investitore: adatto solo a investitori che 1) prevedono un modesto aumento di ITA, 2) possono tollerare la perdita totale del capitale, 3) non necessitano di reddito o dividendi, e 4) accettano una liquidità limitata.

El Canadian Imperial Bank of Commerce (CM) ofrece Notas de Retorno Acelerado (ARNs) por US$26.85 millones vinculadas al iShares U.S. Aerospace & Defense ETF (ITA). Las notas son obligaciones senior no garantizadas que exponen a los tenedores al riesgo crediticio de CIBC y al desempeño del mercado de ITA durante un plazo aproximado de 14 meses (fecha de precio: 26 de junio de 2025; vencimiento: 28 de agosto de 2026).

Términos económicos clave

  • Principal: US$10 por unidad; 2.684.947 unidades emitidas.
  • Tasa de participación: 300% de cualquier retorno positivo del precio.
  • Valor máximo: US$11.29 por unidad, limitando la ganancia máxima al 12.90%.
  • Riesgo a la baja: exposición 1 a 1; los inversionistas pueden perder hasta el 100% del principal si ITA baja.
  • Valor estimado inicial: US$9.655 (≈3.45% por debajo del precio de emisión) debido al descuento de suscripción (US$0.175) y costo de cobertura (US$0.05).
  • No hay cupones periódicos, no hay redención anticipada ni cotización en bolsa; la liquidez estará limitada a las ofertas de los distribuidores.

Puntos de riesgo

  • Exposición completa a la baja y ganancia limitada crean un perfil riesgo-recompensa desfavorable comparado con la propiedad directa del ETF.
  • Riesgo crediticio de CIBC: cualquier pago depende de la capacidad del banco para cumplir sus obligaciones.
  • Fricción en la valoración: la tasa interna de financiamiento y los costos de cobertura reducen el valor justo; los precios secundarios probablemente estén por debajo del precio de emisión.
  • Concentración sectorial: las tres principales participaciones de ITA representan el 44.03% del peso del fondo, aumentando el impacto de acciones individuales.

Perfil del inversionista: adecuado solo para inversionistas que 1) esperan un modesto aumento en ITA, 2) pueden tolerar la pérdida total del principal, 3) no necesitan ingresos ni dividendos, y 4) aceptan liquidez limitada.

캐나디언 임페리얼 뱅크 오브 커머스(CM)는 iShares 미국 항공우주 및 방위 ETF(ITA)에 연계된 가속 수익 노트(ARN) 2,685만 달러어치를 제공합니다. 이 노트는 선순위 무담보 채무로, 보유자는 CIBC의 신용 위험과 약 14개월 기간 동안 ITA의 시장 성과에 노출됩니다(가격 결정일: 2025년 6월 26일; 만기: 2026년 8월 28일).

주요 경제 조건

  • 원금: 단위당 10달러; 2,684,947 단위 발행.
  • 참여율: 긍정적인 가격 수익의 300%.
  • 상한 가치: 단위당 11.29달러로 최대 수익률 12.90% 제한.
  • 하방 위험: 1대1 노출; ITA가 하락할 경우 투자자는 원금의 최대 100% 손실 가능.
  • 초기 추정 가치: 9.655달러(발행가 대비 약 3.45% 낮음), 인수 할인(0.175달러) 및 헤징 비용(0.05달러) 반영.
  • 정기 쿠폰 없음, 조기 상환 불가, 거래소 상장 없음; 유동성은 딜러 매도-매수 호가에 한정.

위험 요점

  • 완전한 하방 노출과 상한 수익률은 직접 ETF 보유 대비 불리한 위험-보상 프로필을 형성.
  • CIBC 신용 위험: 지급은 은행의 채무 이행 능력에 달려 있음.
  • 평가 마찰: 내부 자금 조달 금리 및 헤징 비용이 공정 가치를 낮춤; 2차 시장 가격은 발행가 이하일 가능성 높음.
  • 섹터 집중: ITA 상위 3개 보유 종목이 펀드 비중의 44.03% 차지, 개별 주식 영향력 증가.

투자자 프로필: 1) ITA의 완만한 상승을 기대하고, 2) 원금 전액 손실을 감내할 수 있으며, 3) 수익이나 배당금이 필요 없고, 4) 제한된 유동성을 수용하는 투자자에게만 적합.

La Canadian Imperial Bank of Commerce (CM) propose des Notes de Rendement Accéléré (ARN) d’une valeur de 26,85 millions de dollars américains, liées à l’iShares U.S. Aerospace & Defense ETF (ITA). Ces notes sont des obligations senior non garanties exposant les détenteurs au risque de crédit de CIBC et à la performance du marché de l’ITA sur une durée d’environ 14 mois (date de tarification : 26 juin 2025 ; échéance : 28 août 2026).

Principaux termes économiques

  • Capital : 10 USD par unité ; 2 684 947 unités émises.
  • Taux de participation : 300 % de tout rendement positif du prix.
  • Valeur plafonnée : 11,29 USD par unité, limitant le gain maximal à 12,90 %.
  • Risque à la baisse : exposition 1 pour 1 ; les investisseurs peuvent perdre jusqu’à 100 % du capital si l’ITA baisse.
  • Valeur estimée initiale : 9,655 USD (≈3,45 % en dessous du prix d’émission) en raison de la décote de souscription (0,175 USD) et du coût de couverture (0,05 USD).
  • Pas de coupons périodiques, pas de remboursement anticipé, ni de cotation en bourse ; la liquidité sera limitée aux offres des courtiers.

Points clés de risque

  • Exposition totale à la baisse et gain plafonné créent un profil risque-rendement défavorable comparé à la détention directe de l’ETF.
  • Risque de crédit de CIBC : tout paiement dépend de la capacité de la banque à honorer ses engagements.
  • Friction de valorisation : le taux de financement interne et les coûts de couverture dépriment la juste valeur ; les prix secondaires seront probablement inférieurs au prix d’émission.
  • Concentration sectorielle : les trois principales positions de l’ITA représentent 44,03 % du poids du fonds, augmentant l’impact des actions individuelles.

Profil de l’investisseur : Convient uniquement aux investisseurs qui 1) anticipent une légère hausse de l’ITA, 2) peuvent tolérer une perte totale du capital, 3) n’ont pas besoin de revenus ou dividendes, et 4) acceptent une liquidité limitée.

Die Canadian Imperial Bank of Commerce (CM) bietet Accelerated Return Notes (ARNs) im Wert von 26,85 Millionen US-Dollar an, die an den iShares U.S. Aerospace & Defense ETF (ITA) gekoppelt sind. Die Notes sind vorrangige, unbesicherte Schuldverschreibungen, die die Inhaber dem Kreditrisiko von CIBC und der Marktentwicklung von ITA über eine Laufzeit von etwa 14 Monaten aussetzen (Preisfeststellung: 26. Juni 2025; Fälligkeit: 28. August 2026).

Wesentliche wirtschaftliche Bedingungen

  • Nennwert: 10 US-Dollar pro Einheit; 2.684.947 Einheiten ausgegeben.
  • Partizipationsrate: 300 % jeglicher positiver Kursrendite.
  • Begrenzter Wert: 11,29 US-Dollar pro Einheit, begrenzt den maximalen Gewinn auf 12,90 %.
  • Abwärtsrisiko: 1-zu-1-Exponierung; Anleger können bis zu 100 % des Kapitals verlieren, wenn ITA fällt.
  • Anfänglicher geschätzter Wert: 9,655 US-Dollar (≈3,45 % unter dem Ausgabepreis) aufgrund von Zeichnungsrabatt (0,175 US-Dollar) und Absicherungskosten (0,05 US-Dollar).
  • Keine periodischen Kupons, keine vorzeitige Rückzahlung und keine Börsennotierung; Liquidität beschränkt sich auf Händler-Kauf- und Verkaufspreise.

Risikohighlights

  • Volle Abwärtsrisiko und begrenztes Aufwärtspotenzial schaffen ein ungünstiges Risiko-Rendite-Profil im Vergleich zum direkten ETF-Besitz.
  • Kreditrisiko von CIBC: Zahlungen hängen von der Fähigkeit der Bank ab, ihre Verpflichtungen zu erfüllen.
  • Bewertungsreibung: Interner Finanzierungssatz und Absicherungskosten drücken den fairen Wert; Sekundärpreise liegen wahrscheinlich unter dem Ausgabepreis.
  • Sektor-Konzentration: Die drei größten Positionen von ITA machen 44,03 % des Fondsgewichts aus, was die Auswirkungen einzelner Aktien erhöht.

Investorprofil: Geeignet nur für Anleger, die 1) einen moderaten Anstieg von ITA erwarten, 2) einen vollständigen Kapitalverlust tolerieren können, 3) keine Einkünfte oder Dividenden benötigen und 4) eine begrenzte Liquidität akzeptieren.

 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A

(Rule 14A-101)

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Filed by the Registrant ☒

Filed by a party other than the Registrant ☐

Check the appropriate box:

 

Preliminary Proxy Statement

 

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 

Definitive Proxy Statement

 

Definitive Additional Materials

 

Soliciting Material Pursuant to §240.14a-12

COUCHBASE, INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

 

No fee required.

 

Fee paid previously with preliminary materials

 

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

 
 


BASE Transaction Employee FAQ

 

FAQ v2

 

LOGO    Introduction 

As you know, our company has entered into a definitive agreement to be acquired by Haveli Investments. As part of this transaction, we will be transitioning from a publicly traded company to a privately held one.

We understand that this news raises questions, and we’ve prepared this FAQ to help you navigate the change. This FAQ document is intended to provide you with the latest information and is for internal use only.

 

*

Please note: Questions marked with an asterisk are new questions or answers in which we have more information to provide.

 

 

 

LOGO    General Overview

Q: What is happening?

A: Our company has entered into an agreement to be acquired by Haveli Investments. Once the transaction closes (which we expect will be in the second half of this year), we will no longer be listed on the Nasdaq stock exchange and will once again become a privately held-company.

Q: Who is the acquiring company?

A: Haveli Investments is an Austin-based private equity firm that seeks to invest in the highest quality companies in the technology sector with a focus on software, gaming, and adjacent industries. Haveli focuses on investing in strong companies with well-positioned products and transformational growth potential and works to take them to the next level.

Haveli has a world class management team of highly experienced investors and diverse software industry experts who provide operational and strategic support, enabling portfolio companies to focus on driving innovation and increasing growth, scale and operating margins. Its team has deep expertise in the enterprise software space and a track record of partnering with high-growth cloud software businesses to drive innovation and open new markets. Haveli’s investment leadership team has more than 50+ years of investment experience, having deployed approximately $35 billion dollars across hundreds of software and tech-enabled transactions over the last three decades.

Q: What is Haveli’s culture like?

A: Haveli is an open-minded, collaborative, and transparent partner. Haveli strives to ensure that every single employee, partner, investor, operator, and constituent is eager to work with Haveli each and every day.

Haveli’s culture is built upon a foundation of acting ethically, collaboratively, and transparently, and has deep commitments to both a culture of inclusivity and sustainability.

Haveli is proud of its commitment to sustainability and believes that investing in certain strategic software solutions has the potential to empower the world on its net zero journey, while simultaneously working to assist portfolio companies with achieving net zero operations.

Q: What are Haveli’s plans for Couchbase?

A: Until the transaction closes, we will continue to operate as an independent, publicly-traded company. Our business objectives, roles and responsibilities all remain the same. Looking ahead, it is important to emphasize that Haveli entered this agreement because they see a compelling opportunity to lend their expertise and resources to accelerate our growth and success. Over the coming months, we will be diving deeper with them to explore new opportunities that we can pursue to drive even more wins and be a stronger company.


Q: Will there be any changes to the Couchbase name and brand?

A: We do not expect any changes to the Couchbase name or branding before or after closing.

* Q: Will Couchbase be merged with any other Haveli portfolio companies?

A: Haveli does not plan to.

Q: What are the next steps? What happens between now and closing?

A: There are a number of customary conditions to closing that we will need to satisfy over the coming months before the transaction is complete, including approval by our stockholders and the receipt of required regulatory approvals. Until the transaction closes, it is business as usual, and we are continuing to operate as an independent public company. We are relying on you to remain focused on your day-to-day responsibilities and serving our customers.

Q: What does it mean to become a private company? What are the benefits?

A: Becoming a private company means that once the transaction is completed, our stock will no longer be listed or traded on any public stock exchange, and we will cease to be an SEC-reporting company. In other words, we will effectively have one ownership group instead of many public investors. This structure will provide us the flexibility to operate our business without the additional requirements that come with being a public company. What doesn’t change, however, is our responsibility for achieving strong results and delivering for our customers and partners.

* Q: Can you share some examples of other tech companies that have successfully gone private in the past few years?

A: There have been many high-quality names taken private over the last few years including:

 

Alteryx    Cloudera
Qualtrics    Sumo Logic
Anaplan    Coupa
Ping    Proofpoint
Zendesk    Talend

 

 

 

LOGO    Timeline & Next Steps

Q: When will the transaction close?

A: The transaction is expected to close in the second half of 2025, subject to receipt of shareholder and regulatory approvals and the satisfaction of other customary closing conditions.

Q: When will we be delisted from the stock exchange?

A: The company will be delisted shortly after the transaction closes. We will notify employees when this becomes official.

Q: Will there be an all-hands or Q&A session?

A: Yes. Leadership will host company-wide meetings over coming days to share more information and answer questions live. These cannot be recorded so please join one meeting live.

 

 

 

LOGO    Impact on Employees

Q: Will there be any layoffs or organizational changes?

A: There are no current plans for workforce reductions. Our focus remains on maintaining business continuity and supporting our teams through the transition. We will continue to adapt the organization as needed to align with industry and business trends.


Q: Will my job, team, manager or executive leadership change?

A: Most employees will see no changes to their day-to-day roles. Any changes will be communicated transparently and with as much advance notice as possible.

Q: Will there be a new email domain, systems, or tools?

A: There are currently no planned changes. You will be informed ahead of any transitions or changes.

Q: Will there be any changes to our policies?

A: We are continuing to operate as usual, including with respect to our current employment policies.

 

 

 

LOGO    Total Rewards Information

Q: Will our benefits change?

A: Until the transaction closes, it is business as usual and all current benefits remain in place and compensation does not change (subject to any changes made in connection with open enrollment). If there are any changes in the future, you will be notified well in advance.

Q: Will there be any changes to our bonuses or commissions?

A: Until the transaction closes, we are continuing to operate as usual, including with respect to bonuses, commissions and benefits programs.

* Q: What happens to my unvested RSUs or stock options?

A: Until closing, we remain a public company, and RSUs that have been granted will continue to vest and be settled according to their vesting schedule.

Post closing, details will vary depending on your individual grant terms. In general, unvested RSUs or Options will be converted into the right to receive a contingent cash payment of $24.50 per share (less your applicable strike price, in the case of your unvested options). This amount will generally vest according to the original vesting schedule of the underlying equity award, subject to existing vesting conditions, including your continued service with Couchbase through the applicable vesting date. In the case of unvested performance RSUs, the number of such performance RSUs that will be converted will be determined in accordance with the terms of the applicable performance RSU agreement.

* Q: What happens to the previously vested RSUs that are now stock that I see in my brokerage account (E*trade)?

Note that these RSUs that are previously vested and are now Couchbase stock in E*trade are not the same meaning as the “Vested RSUs” described in our earlier FAQ. The Vested RSUs described in our earlier FAQ refer to RSUs that are vested but have not yet been settled prior to closing.

A: Any shares of Couchbase common stock that have been issued into your brokerage account (e.g. E*trade) from the settlement of your vested RSUs are considered outstanding shares of Couchbase common stock. Upon closing, stock will be converted into the right to receive a cash payment equal to $24.50 per share. The cash payable will be paid into your brokerage account shortly following the closing and will not be paid through payroll. The tax impact may vary by country, and we encourage you to seek local tax advice.

Q: When will I receive information about my equity?

A: Equity holders will receive individualized communications outlining the treatment of their grants shortly after the transaction closes.

Q: Will I owe taxes on any equity payout?

A: Possibly. We recommend consulting with a personal tax advisor, as the tax implications depend on your specific situation and jurisdiction.


* Q: Will I continue to be subject to trading windows?

A: Yes. Since we will continue to operate as a public company until the deal closes, all trading windows still apply. Please see our Insider Trading Policy for more information.

* Q: I am currently enrolled in an ESPP purchase period, what do I need to know about the ESPP?

A: The ESPP will continue as normal and is currently scheduled to have a regular final purchase on September 20. Under the merger agreement, we cannot allow increases in contribution rate, contributions other than payroll contributions and new enrollment in the current purchase period – this does not impact you, as our ESPP by its terms already did not allow these changes within a period.

However, if closing is scheduled to occur before September 20, the ESPP will have a special final purchase that occurs prior to closing in lieu of the September 20 purchase. You will be provided additional notice about this special final purchase.

* Q: Why did my ESPP contribution not happen in my end of June paycheck?

A: Following last week’s acquisition announcement, we inadvertently did not take an ESPP contribution from the June 30th paychecks of the ESPP participants in the US and Canada. While we are unable to retroactively collect this amount, a double contribution will be taken from your July paycheck to make you whole for the missed contribution, if you are in the US or Canada.

Q: Will we continue to grant equity awards?

A: Before the deal closes as intended later this year, subject to the terms of the merger agreement, we will continue to grant equity awards in line with our current practice. Once the transaction closes, we will no longer have publicly traded stock and will have a different incentive structure. When known, we will communicate more information.

 

 

 

LOGO    Communications & Support

Q: Who can I contact if I have questions?

A: Please reach out to your estaff leader or *** with any questions. We’re here to support you.

Q: Will we continue to receive updates?

A: Yes. We will continue to share any updates regularly via email and during regular Any Hands. Transparency is a top priority.

Q: What can I share externally?

A: At this time, we are still a public company, and so we are limited by what information we share and how we promote it. In order to comply with SEC rules on distributing information about the transaction, Couchbase will be posting an official announcement on our social media. However, employees should refrain from re-tweeting or re-posting this announcement so that we can all comply with SEC rules. We also ask you to please not share / tweet / favorite / like any media articles or blogs that mention this transaction.

Q: What should I tell customers and partners about the transaction?

A: You may assure customers and partners that:

 

   

They remain our top priority;

 

   

It is business as usual;

 

   

Customer contracts and contacts remain the same; and

 

   

Customers can work with us just as they do today.

 

   

Share our excitement about this transaction. Haveli Investments is one of the most well-respected investment firms in technology and software companies. Their enthusiasm about Couchbase and this agreement underscores the strength of our business and technology.


Q: What do I do if I am contacted by the media, financial analysts or investors?

A: Consistent with corporate policy, please do not respond, and forward any inquiries to Josh Harbert.

 

 

We know change can bring uncertainty, and we’re committed to keeping you informed every step of the way. Thank you for your ongoing commitment to creating value at Couchbase — we are excited to continue to make tomorrow better than today.

Additional Information and Where to Find It

 

Couchbase, the members of the Couchbase’s board of directors and certain of Couchbase’s executive officers are participants in the solicitation of proxies from stockholders in connection with the transaction with Haveli Investments, L.P. (the “Merger”). Couchbase plans to file a proxy statement (the “Transaction Proxy Statement”) with the SEC in connection with the solicitation of proxies to approve the Merger. Matthew M. Cain, Alvina Y. Antar, Edward T. Anderson, Carol W. Carpenter, Lynn M. Christensen, Kevin J. Efrusy, Jeff Epstein, Aleksander J. Migon, David C. Scott and Richard A. Simonson, all of whom are members of Couchbase’s board of directors, and Margaret Chow, SVP, Chief Legal Officer and Corporate Secretary, William R. Carey, Vice President, Interim Chief Financial Officer and Chief Accounting Officer, and Huw Owen, SVP and Chief Revenue Officer, are participants in Couchbase’s solicitation.

Information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Merger. Additional information about such participants is available under the captions “Board of Directors and Corporate Governance,” “Executive Officers” and “Security Ownership of Certain Beneficial Owners and Management” in Couchbase’s definitive proxy statement in connection with its 2025 Annual Meeting of Stockholders (the “2025 Proxy Statement”), which was filed with the SEC on April 16, 2025 (and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001845022/000184502225000036/base-20250416.htm). To the extent that holdings of Couchbase’s securities have changed since the amounts printed in the 2025 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC (which are available at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1845022&type=&dateb=&owner=only&count=40&search_text=). Information regarding Couchbase’s transactions with related persons is set forth under the caption “Related Person Transactions” in the 2025 Proxy Statement. Certain illustrative information regarding the payments to that may be owed, and the circumstances in which they may be owed, to Couchbase’s named executive officers in a change of control of Couchbase is set forth under the caption “Executive Compensation-Potential Payments upon Termination or Change in Control” in the 2025 Proxy Statement.

Promptly after filing the definitive Transaction Proxy Statement with the SEC, Couchbase will mail the definitive Transaction Proxy Statement and a WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the adoption of the Merger Agreement. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT COUCHBASE WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Couchbase with the SEC in connection with the Merger at the SEC’s website (http://www.sec.gov). Copies of Couchbase’s Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Couchbase with the SEC in connection with the Merger will also be available, free of charge, at Couchbase’s investor relations website (https://investor.couchbase.com), or by emailing Couchbase’s investor relations department (ir@couchbase.com).


Forward-Looking Statements

This communication may contain forward-looking statements that involve risks and uncertainties, including statements regarding: (i) the Merger, (ii) the expected timing of the closing of the Merger; (iii) considerations taken into account by the Couchbase’s board of directors in approving and entering into the Merger; and (iv) expectations for Couchbase following the closing of the Merger. There can be no assurance that the Merger will be consummated. Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the possibility that the conditions to the closing of the Merger are not satisfied, including the risk that required approvals from Couchbase’s stockholders for the Merger or required regulatory approvals to consummate the Merger are not obtained, on a timely basis or at all; (ii) the occurrence of any event, change or other circumstance that could give rise to a right to terminate the Merger, including in circumstances requiring Couchbase to pay a termination fee; (iii) possible disruption related to the Merger to Couchbase’s current plans, operations and business relationships, including through the loss of customers and employees; (iv) the amount of the costs, fees, expenses and other charges incurred by Couchbase related to the Merger; (v) the risk that Couchbase’s stock price may fluctuate during the pendency of the Merger and may decline if the Merger is not completed; (vi) the diversion of Couchbase management’s time and attention from ongoing business operations and opportunities; (vii) the response of competitors and other market participants to the Merger; (viii) potential litigation relating to the Merger; (ix) uncertainty as to timing of completion of the Merger and the ability of each party to consummate the Merger; and (x) other risks and uncertainties detailed in the periodic reports that Couchbase files with the SEC, including Couchbase’s Annual Report on Form 10-K and Couchbase’s quarterly report on Form 10-Q. All forward-looking statements in this communication are based on information available to Couchbase as of the date of this communication, and, except as required by law, Couchbase does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

FAQ

What is the maturity date of CIBC’s Accelerated Return Notes linked to ITA?

The notes mature on August 28 2026.

How much upside can investors earn on the CM ARNs?

Returns are capped at 12.90%, equal to a maximum redemption value of US$11.29 per US$10 unit.

What happens if the iShares U.S. Aerospace & Defense ETF declines?

Investors incur a 1-to-1 loss of principal; a 20% ETF drop yields US$8, and a full decline results in zero redemption.

What is the participation rate on the CIBC structured notes?

The notes provide 300% participation in any positive ETF performance, subject to the cap.

How large is the issuance of these CM Accelerated Return Notes?

CIBC is issuing 2,684,947 units at US$10 each, totaling US$26.85 million.
Couchbase, Inc.

NASDAQ:BASE

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1.34B
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Software - Infrastructure
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United States
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