Andrii Dodonov
- CIBC (NYSE:CM) (TSX:CM:CA) said on Friday the Toronto Stock Exchange has accepted its notice of intent to make a normal course issuer bid for up to 20M shares.
- CM shares were trading -1.22% pre-market.
- The bank is expected to purchase for cancellation from time to time up to ~2.1% of its 944.97M shares issued and outstanding as of Aug. 31.
- The average daily trading volume for the six months ended Aug. 31 was 3.98M, and the maximum number of shares that could be purchased each day is 994.93K shares.
- The purchases are expected to commence on or after Sep. 10.
- CIBC’s previous normal course issuer bid expired on Dec. 12, 2022.
- The bank purchased 1.8M shares for cancellation at an average price of $74.43 per share.
- Source: Press Release
