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Canadian Imperial Bank of Commerce (CIBC) has filed a Rule 424(b)(2) Pricing Supplement for a US $19.38 million issuance of Senior Global Medium-Term Notes linked to the S&P 500® Equal Weight Energy Index (Bloomberg: S10). The three-part prospectus package (base prospectus, supplement and equity index underlying supplement dated 5-Sep-2023) is superseded where inconsistent.

Core economics

• Principal: US $1,000 per note; minimum investment one note.
• Trade date / settlement: 9-Jul-2025 / 14-Jul-2025; maturity 21-Dec-2026 (â‰�17.5 months).
• No coupon. Payment at maturity depends solely on index performance between trade date and 17-Dec-2026 (determination date).
• Digital payoff: â€� If the final index level â‰� 85 % of the initial level (2,797.55), investor receives a fixed maximum settlement amount of US $1,123.50 (12.35 % return). â€� If the index falls below the 85 % threshold, loss of principal is accelerated by a 117.65 % buffer rate; a 100 % decline wipes out the entire investment.
• Estimated value: CIBC’s internal model values the notes at US $973.80, 2.6 % below the US $1,000 issue price, primarily due to funding spread and dealer compensation.
• Distribution: Goldman Sachs & Co. LLC is sole agent; 1.13 % selling concession (US $218,994) paid from proceeds. Notes will not be listed and GS&Co. is not obligated to make a market.

Risk highlights

• Principal risk: losses begin once the index is <85 % of initial and may reach 100 %.
• Capped upside: maximum positive return limited to 12.35 %, even if the index rises substantially.
• Credit risk: payments rely on CIBC as unsecured senior debt; notes are not CDIC/FDIC-insured and not bail-inable.
• Liquidity risk: no exchange listing; secondary market dependent on GS&Co.’s discretion; bid/ask will reflect dealer models, declining premium and funding costs.
• Valuation gap: initial estimated value below issue price; secondary prices expected to fall toward model value after 8-Oct-2025 when the additional amount amortises to zero.
• Sector concentration: underlying index is 100 % energy sector and equal-weighted across relatively few constituents, amplifying volatility relative to the broad S&P 500.
• Tax ambiguity: U.S. tax treatment as prepaid derivative is uncertain; Canadian tax counsel expects no withholding on interest deemed paid to non-residents.

Strategic context

At US $19.38 million, the note size is immaterial to CIBC’s balance sheet but provides cost-effective U.S. dollar funding (net proceeds â‰� US $19.16 million) and expands the bank’s structured-products shelf. For investors, the notes offer a short-dated, digital exposure to the energy sub-sector with limited upside and significant downside risk, effectively exchanging equity risk for a fixed-income credit exposure plus option-like payoff.

Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) filed a Form 144 indicating that insider Yury Gryzlov intends to sell 2,000 common shares through Morgan Stanley Smith Barney LLC. The shares are valued at $24,660 and are expected to be sold on 07/08/2025. Gryzlov acquired the shares as restricted stock on 03/13/2021. The company has 84,547,653 shares outstanding, so the planned sale represents only about 0.002 % of the float. During the past three months, the same insider sold an additional 4,737 shares for $59,151.34. No other financial or operational data is provided in this notice.

Rocket Pharmaceuticals, Inc. (RCKT) â€� Form 144 filing discloses that insider Aaron Ondrey intends to sell 1,477 common shares through Fidelity Brokerage Services on 07 July 2025. The planned transaction is valued at approximately $4,256.42, based on the market price at the time of filing. The shares were acquired via restricted-stock vesting on 01 July 2025 and constitute less than 0.002% of the 107.7 million shares outstanding. The insider previously sold 7,489 shares on 04 Apr 2025 for $39,646.77.

The filing is a routine notification under Rule 144 and does not, by itself, indicate any change to Rocket Pharmaceuticals� fundamentals. The modest size of the transaction suggests minimal dilution or ownership impact for existing shareholders.

Rocket Pharmaceuticals, Inc. (RCKT) filed a Form 8-K reporting the results of its 18 June 2025 Annual Meeting.

• Quorum: 91,366,461 shares represented, or approximately 85.56% of outstanding common stock.
• Director elections: All ten nominees were elected. “Forâ€� votes ranged from 55.35 M to 78.60 M, with David P. Southwell receiving the highest opposition (23.79 M withheld).
• Auditor ratification: EisnerAmper LLP approved with 90.70 M For, 0.14 M Against, 0.53 M Abstain.
• Say-on-Pay: Executive compensation passed on an advisory basis (77.19 M For, 1.44 M Against, 0.52 M Abstain).

The vote results indicate broad shareholder support for the board, management and governance practices; no other material events were disclosed.