CIBC (CM) unveils new bid to repurchase up to 30M common shares

Rhea-AI Filing Summary

Canadian Imperial Bank of Commerce (CIBC) plans to repurchase for cancellation up to 30 million common shares under a normal course issuer bid, subject to Toronto Stock Exchange approval. These potential purchases represent about 3.3% of its outstanding common shares as of April 30, 2026.

The bid would begin after TSX accepts CIBC’s notice and could run for up to one year, with shares bought on the TSX, alternative Canadian trading systems, or the NYSE at prevailing market prices. CIBC’s prior normal course issuer bid, which allowed up to 20 million shares, was fully used with 20 million shares repurchased at an average price of $129.68 for a total of $2.6 billion.

Insights

Bank equity analyst

CIBC introduces a new share repurchase plan of up to 30 million shares.

CIBC has announced a new normal course issuer bid allowing it to repurchase up to 30 million common shares, or about 3.3% of outstanding shares as of April 30, 2026. The stated aim is to manage its capital position and support shareholder value.

The bank fully utilized its previous program, buying 20 million shares at an average of $129.68 per share for a total of $2.6 billion. This history shows active use of repurchase capacity when conditions align, but future activity under the new bid will depend on market prices, capital needs and regulatory considerations.

The new bid can run for up to one year once the TSX accepts CIBC’s notice. Subsequent disclosures in company communications and regulatory filings will indicate how much of the 30 million-share capacity is ultimately used.

Key Figures

Planned repurchase size: up to 30 million shares Portion of shares outstanding: approximately 3.3% Previous NCIB authorization: up to 20 million shares +5 more

8 metrics

Planned repurchase size up to 30 million shares Maximum common shares under new normal course issuer bid

Portion of shares outstanding approximately 3.3% Share repurchase capacity vs. outstanding shares as of April 30, 2026

Previous NCIB authorization up to 20 million shares Capacity under prior normal course issuer bid

Shares bought under prior NCIB 20 million shares Total common shares repurchased before previous bid expired

Average repurchase price $129.68 per share Average price paid under previous normal course issuer bid

Total spent on prior NCIB $2.6 billion Aggregate consideration for 20 million shares repurchased previously

Client base 15 million clients Number of personal, business, public sector and institutional clients

Bid duration up to one year Maximum term of new normal course issuer bid after TSX acceptance

Key Terms

normal course issuer bid, Toronto Stock Exchange (TSX), forward-looking statements, Registration Statements on Form S-8, +2 more

6 terms

normal course issuer bid financial

"announced its intention to purchase for cancellation up to 30 million common shares under a normal course issuer bid"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

Toronto Stock Exchange (TSX) regulatory

"under a normal course issuer bid, subject to the approval of the Toronto Stock Exchange (TSX)"

forward-looking statements regulatory

"A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Registration Statements on Form S-8 regulatory

"incorporated by reference into the Registration Statements on Form S-8 File Nos. 333-130283, 333-09874 and 333-218913"

Form F-3 regulatory

"incorporated by reference into the Registration Statements on ... Form F-3 File Nos. 333-219550, 333-220284, 333-272447, 333-282307 and 333-294072"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

purchase for cancellation financial

"announced its intention to purchase for cancellation up to 30 million common shares"

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FAQ

What did CIBC (CM) announce regarding its common shares?

CIBC announced it intends to repurchase for cancellation up to 30 million common shares under a normal course issuer bid, subject to Toronto Stock Exchange approval, providing flexibility to manage its capital position and potentially enhance shareholder value over the bid’s one-year term.

How large is CIBC’s planned share repurchase relative to its share count?

The planned normal course issuer bid covers up to 30 million CIBC common shares, representing approximately 3.3% of outstanding common shares as of April 30, 2026, indicating a moderate-sized buyback authorization within the bank’s overall capital structure.

When will CIBC’s new normal course issuer bid start and how long can it run?

CIBC’s new normal course issuer bid will begin after the Toronto Stock Exchange accepts its notice of intention and can then continue for up to one year, during which the bank may choose to repurchase common shares depending on conditions.

Where can CIBC (CM) repurchase shares under this buyback program?

Under the normal course issuer bid, CIBC may repurchase common shares through the facilities of the Toronto Stock Exchange, alternative Canadian trading systems, or the New York Stock Exchange, with the price paid being the prevailing market price at purchase time.

What were the results of CIBC’s previous normal course issuer bid?

Under its previous normal course issuer bid, CIBC was authorized to buy up to 20 million common shares and did repurchase the full 20 million at an average price of $129.68 per share, for a total consideration of $2.6 billion before the program expired on May 25, 2026.

Does CIBC’s share repurchase plan depend on any regulatory approvals?

Yes, CIBC’s intention to repurchase up to 30 million common shares under a normal course issuer bid is subject to Toronto Stock Exchange approval, and the program will commence only after the exchange accepts CIBC’s notice of intention to proceed.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of May, 2026 Commission File Number: 1-14678

 CANADIAN IMPERIAL BANK OF COMMERCE

(Translation of registrant’s name into English)

CIBC Square, 81 Bay Street

Toronto, Ontario

Canada M5J 0E7

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F   ☐ Form 40-F  ☑

The information contained in this Form 6-K is incorporated by reference into the Registration Statements on Form S-8 File Nos. 333-130283, 333-09874 and 333-218913 and Form F-3 File Nos. 333-219550, 333-220284, 333-272447, 333-282307 and 333-294072.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				CANADIAN IMPERIAL BANK OF COMMERCE
	Date: May 28, 2026			By:	/s/ Allison Mudge
				Name:	Allison Mudge
				Title:	Senior Vice-President

Exhibits

Exhibits			Description
	99.1		News release dated May 28, 2026 - CIBC Announces Intention to Repurchase up to 30 Million Common Shares

 Exhibit 99.1

 

CIBC Announces Intention to Repurchase up to 30 Million Common Shares

TORONTO, May 28, 2026 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to purchase for cancellation up to 30 million common shares under a normal course issuer bid, subject to the approval of the Toronto Stock Exchange (TSX). Common shares that may be purchased for cancellation represent approximately 3.3% of outstanding common shares as at April 30, 2026.

CIBC will file a notice of intention to make a normal course issuer bid with the TSX and this bid would commence following TSX's acceptance of this notice and continue for up to one year.

The normal course issuer bid will provide CIBC additional flexibility in managing its capital position and generate shareholder value.

Purchases would be made through the facilities of the TSX, alternative Canadian trading systems or the NYSE, in accordance with applicable regulatory requirements. The price paid for the common shares will be the market price at the time of the purchase.

CIBC's previous normal course issuer bid for the purchase of up to 20 million common shares commenced on September 10, 2025 and expired on May 25, 2026. Over the term of the previous bid, CIBC purchased 20 million of its common shares for cancellation at an average price of $129.68 per share for a total amount of $2.6 billion.

A NOTE ABOUT 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 report, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications. These statements include, but are not limited to, statements about our potential normal course issuer bid purchases and about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook. Forward-looking statements are subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements, including general business and economic conditions worldwide; amendments to, and interpretations of, risk-based capital guidelines; and changes in monetary and economic policy. We do not undertake to update any forward-looking statement except as required by law.

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 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 www.cibc.com/ca/media-centre.

SOURCE CIBC - Investor Relations

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2026/28/c8687.html

%CIK: 0001045520

For further information: For further information: Investor Relations: Jason Patchett, 416-980-8691, jason.patchett@cibc.com; Investor & Financial Communications: Erica Belling, 416-594-7251, erica.belling@cibc.com

CO: CIBC - Investor Relations

CNW 05:27e 28-MAY-26

Filing Exhibits & Attachments

1 document

Press Releases

• EX-991 NEWS RELEASE DATED MAY 28, 2026 5.9 KB