TORONTO, July 4, 2024 /CNW/ - CIBC today announced a split (the "CDR Split") of its Nvidia Canadian Depositary Receipts (CAD Hedged) ("Nvidia CDRs"), as indicated in the table below.

The CDR Split will take effect by way of a subdivision of all Nvidia CDRs that are outstanding after the close of trading on July 9, 2024, each outstanding Nvidia CDR automatically being split into the number of post-split Nvidia CDRs as indicated in the table above.

The Nvidia CDRs will begin trading on a split-adjusted basis on July 10, 2024.

CIBC confirms that the product of the CDR Ratio for the Nvidia CDRs and the number of Nvidia 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' Nvidia CDR positions.

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

Previously, the Nvidia CDRs were subject to a ratio adjustment event effective June 10, 2024 related to the ten-for-one split of the common stock of Nvidia Corporation, as outlined in the Final Announcement of Ratio Adjustment for Ten-to-One Stock Split, found here.

CIBC reserves the right to cancel or amend this CDR action if CIBC deems it appropriate to do so before July 8, 2024.

The Prospectus Supplement for the Nvidia 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 Nvidia 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 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services 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