TORONTO, June 5, 2026 /CNW/ - CIBC today announced the record date for a special cash distribution to be paid to holders of S&P Global Canadian Depositary Receipts (CAD Hedged) issued by CIBC (the "S&P Global CDRs") in connection with the spin-off by S&P Global Inc. ("S&P Global") to holders of its common stock of all of the issued and outstanding shares (the "Spin-Off Securities") of Mobility Global Inc. ("Mobility Global").
S&P Global has announced that it will distribute the Spin-Off Securities as of 12:01 a.m. (New York City time) on July 1, 2026 on the basis of a distribution ratio of one share of Mobility Global common stock for every one share of S&P Global common stock held as of the close of business on June 15, 2026. Completion of the distribution by S&P Global of the Spin-Off Securities is conditioned upon the satisfaction or waiver of certain conditions.
S&P Global common stock are the "Underlying Shares" for the S&P Global CDRs.
As provided in the Deposit Agreement for the S&P Global CDRs (the "Deposit Agreement"), the Deposit Agreement Custodian will receive Spin-Off Securities in respect of the Underlying Shares as Custodian for the holders of S&P Global CDRs on the relevant CDR record date (the "CDR Record Date Holders") and for CIBC as holder of the Issuer Interest (as defined in the Deposit Agreement), and CIBC will use its commercially reasonable efforts to sell such Spin-Off Securities, and will allocate the net proceeds of such sale (net of all taxes and governmental charges payable in connection with such sale and subject to the terms and conditions of the Deposit Agreement) for the account of the CDR Record Date Holders and CIBC (as holder of the Issuer Interest). Such proceeds will be distributed on or about July 9, 2026 in accordance with the terms of the Deposit Agreement.
CIBC has fixed July 2, 2026 as of the close of business as the CDR record date for the purpose of determining the CDR Record Date Holders. Accordingly, the S&P Global CDRs are expected to begin trading on TSX on an ex-distribution basis on July 2, 2026.
Additional information regarding the special cash distribution to holders of S&P Global CDRs may be found in the Preliminary Notice of Special Distribution dated June 5, 2026 in respect of the S&P Global CDRs and posted to CIBC's CDR website. Additional information, including the cash amount to be distributed per S&P Global CDR, will be provided in a final Notice of Special Distribution in respect of the S&P Global CDRs to be posted to CIBC's CDR website, after CIBC has sold any Spin-Off Securities received in respect of the Underlying Shares.
Additional information regarding the S&P Global spin-off transaction may be found on S&P Global's Investor Relations website including in a press release dated May 21, 2026 ("S&P Global Announces Approval of Separation of Mobility Global").
The Prospectus Supplement for the S&P Global CDRs has been filed on SEDAR+ at www.sedarplus.ca. For more information about CDRs, please visit https://cdr.cibc.com.
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
