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Bulletin de la Bourse
Meta CDR (CAD Hedged) (META) inscrit à la Bourse de Toronto
5 février 2025
Canadian Depositary Receipt to be listed: Meta CDR (CAD Hedged)
Issuing entity: Canadian Imperial Bank of Commerce ("CIBC")
Transaction: An application has been granted for the original listing of the following series of Canadian Depositary Receipts (the "CDRs") issued by CIBC, under the trading information set out below:
| Security* | Symbol | Issued and Outstanding Securities | Reserved Securities |
|---|---|---|---|
| Meta CDR (CAD Hedged) (the "Meta CDRs") | META | 8,700,000 | 50,000 |
*The Meta CDRs are a series of Canadian Depositary Receipts.
| Listing category: | Non-Corporate |
| Trading currency: | CDN$ |
| Listing and posted for trading date: | February 5, 2025 (at the opening) |
| Other market(s): | The Meta CDRs have been listed on the Cboe Canada Exchange since October 5, 2021 under the symbol "META". |
| Designated market maker: | CIBC World Markets Inc. |
| Investor relations: | Elliot Scherer Managing Director & Global Head – Wealth Solutions Group (416) 594-7455 elliot.scherer@cibc.com -or- Nadir Ali Khan Director – Wealth Solutions Group (416) 594-7443 Nadir.alikhan@cibc.com |
| Transfer agent and registrar: | TSX Trust Company at its principal office in Toronto. |
| Sponsorship: | Not applicable. |
Principal Attributes of the Meta CDRs:
| Description: | The Meta CDRs are securities that represent a beneficial ownership interest in a pool of shares of Class A common stock (the "Underlying Shares") of Meta Platforms, Inc. (the "Underlying Issuer"). The Underlying Shares are listed on the NASDAQ Global Select Market under symbol "META". The CDRs are designed to provide Canadian investors with a fractional ownership interest in the Underlying Shares in Canadian dollars with a currency hedge. |
| CDR Ratio: | Each CDR is equivalent to owning a fractional interest in the Underlying Shares. This is represented by the "CDR Ratio". The CDR Ratio is adjusted on a daily basis to provide a notional currency hedge. As the ratio increases or decreases, the number of Underlying Shares represented by one CDR increases or decreases. So, if the Canadian dollar strengthens, the CDR will represent a larger number of Underlying Shares. Conversely, if the Canadian dollar weakens, the CDR will represent a smaller number of Underlying Shares. For example, if on a given day a CDR holder owns 100 CDRs and the CDR Ratio is 0.10 on that day, then the CDR holder's interest in the pool provides entitlements that are based on the entitlements that would arise from beneficially owning 10 of the applicable Underlying Shares with a notional hedge into Canadian dollars of the market value in the applicable foreign currency in which such Underlying Shares are listed for trading on their principal securities exchange or other trading market. The CDR Ratio for each Series of CDRs will be calculated daily and will be available at the CDR Website () under the "CDR Directory" tab. |
| Voting rights: | CDR investors will be entitled to vote the Underlying Shares through CIBC's online voting portal cdr.cibc.com. CIBC Mellon Trust Company ("CIBC Mellon"), as the Depositary, will then vote the Underlying Shares in accordance with the instructions provided on a commercially reasonable best-efforts basis. The number of Underlying Shares that each CDR holder can vote will depend on how many CDRs they hold and how many Underlying Shares each CDR reflects (CDR Ratio). |
| Dividends: | Dividends paid on the Underlying Shares will be passed through to CDR investors in Canadian dollars when received by the Depositary. The record date for determining which CDR holders are entitled to receive any dividends in respect of CDRs will be the record date set by the relevant Underlying Issuer. The Depositary will notify CDR holders of any Record Dates via the CDR Website () under the "Corporate Actions" tab. |
| Beneficial interest: | The Deposit Agreement (as defined below) sets out the terms of CDR holders' undivided co-ownership interests in the pool of Underlying Shares held for the relevant series of CDRs (the "Underlying Share Pool"). Each CDR represents an equal undivided direct beneficial interest in the Underlying Share Pool. CDR holders do not have any ownership interest in any particular Underlying Shares or number or fraction thereof, and CDR holders will not be considered to be shareholders of the Underlying Issuer for the purposes of Canadian or U.S. securities laws. |
| Disclosure documents: | CIBC's Short Form Base Shelf Prospectus dated August 15, 2023, as amended by Amendment No. 1 dated May 24, 2024 and Amendment No. 2 dated January 23, 2025, and Prospectus Supplement No. 1 dated August 15, 2023 (the "Prospectus"), which are available at . Capitalized terms not otherwise defined herein are as defined in the Prospectus. |
| Additional information: | Reference should be made to the deposit agreement (the "Deposit Agreement") dated as of July 16, 2021 (as amended) and amended and restated with effect as of May 28, 2024 among CIBC and CIBC Mellon, as the custodian, for the complete attributes of the CDRs. |
| TSX contact: | Selma Thaver, Managing Director, TSX Listings |