TORONTO, Sept. 6, 2024 /CNW/ – CIBC (TSX: CM) (NYSE: CM) announced today that the Toronto Stock Exchange (TSX) has accepted notice of CIBC’s intention to make a normal course issuer bid (NCIB). As previously announced on August 29, 2024, CIBC intends to purchase for cancellation up to 20 million common shares under a new NCIB.
TSX approval permits CIBC to purchase for cancellation from time to time up to 20 million common shares, representing approximately 2.1% of CIBC’s 944,972,539 issued and outstanding common shares as of August 31, 2024. The average daily trading volume for the six months ended August 31, 2024 and the maximum amount of common shares that could be purchased each day, calculated pursuant to the rules of the TSX for the purposes of the NCIB, were 3,979,727 and 994,931 common shares, respectively.
CIBC’s purchase of common shares under a NCIB is consistent with the bank’s priority of…
