TORONTO, June 17, 2026 /CNW/ - CIBC today announced that it plans to create and deliver Honeywell Aerospace Canadian Depositary Receipts (CAD Hedged) (the "Honeywell Aerospace CDRs") to holders of its Honeywell Canadian Depositary Receipts (CAD Hedged) (the "Honeywell CDRs") in connection with the planned spin-off by Honeywell International Inc. ("Honeywell") of Honeywell Aerospace Inc. ("Aerospace"). Honeywell has announced that to complete its planned spin-off it will be delivering all of the common stock of Aerospace (the "Aerospace Shares") to holders of its common stock (the "Honeywell Shares") (Nasdaq: HON).
The Honeywell Shares are the "Underlying Shares" for the Honeywell CDRs which are currently listed on the TSX with the ticker symbol HON, and the Aerospace Shares will be the "Underlying Shares" for the Honeywell Aerospace CDRs. The Custodian for the Honeywell CDRs will deliver, on behalf of Honeywell CDR holders, the Aerospace Shares received from the spin-off on their behalf to a new Custody Account established for the Honeywell Aerospace CDRs. CIBC has applied to list the Honeywell Aerospace CDRs on the TSX with the ticker symbol HONA.
Honeywell has announced that it expects to distribute the Aerospace Shares at 12:01 a.m. (New York City time) on June 29, 2026 (the "Distribution Date") with one Aerospace Share to be delivered for every two Honeywell Shares held as of the relevant record date.
CIBC intends to deliver Honeywell Aerospace CDRs on a one-for-one basis to holders of Honeywell CDRs on or promptly following the Distribution Date.
The Honeywell CDRs are expected to continue to trade "regular-way" on the TSX until the last TSX trading day before the Distribution Date and to begin trading on an ex-distribution basis on the TSX on the Distribution Date. This corresponds to Honeywell's announcement that the Honeywell Shares are expected to continue to trade "regular-way" on Nasdaq under the current ticker symbol "HON" until the last Nasdaq trading day before the Distribution Date with trades entered into prior to the Distribution Date including the right to receive Aerospace Shares on the Distribution Date.
Additional information regarding the delivery of Honeywell Aerospace CDRs to holders of Honeywell CDRs may be found in a Preliminary Notice of Delivery of Honeywell Aerospace CDRs that will be posted to CIBC's CDR website. Additional information will be provided in a final Notice of Delivery of Honeywell Aerospace CDRs to be posted to CIBC's CDR website.
A prospectus supplement in respect of the Honeywell Aerospace CDRs will be filed on SEDAR+ at www.sedarplus.ca and posted to CIBC's CDR Website at https://cdr.cibc.com. For more information about CDRs, please visit CIBC's CDR Website.
Information regarding the spin-off of Aerospace by Honeywell may be found on Honeywell's Investor Relations website including a Preliminary Information Statement of Honeywell Aerospace Inc. dated June 8, 2026 (the "Information Statement") which forms part of the U.S. Form 10 registration statement (amendment no. 2 dated June 8, 2026) for the Aerospace Shares. The Information Statement describes the business of Aerospace and provides unaudited pro forma financial statements for Aerospace.
CIBC reserves the right to cancel the proposed delivery of Honeywell Aerospace CDRs at any time including in the event that the Honeywell spin-off of Honeywell Aerospace does not occur on the Distribution Date in the manner currently proposed in the Information Statement.
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
