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.
Cboe Canada
Ticker Symbol
|
CDR Series
|
Closing
Price
(July 2,
2024)
|
Forward Split
Ratio
|
NVDA
|
Nvidia Canadian
Depositary Receipts (CAD Hedged)
|
$115.70
|
4-for-1
|
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