CIBC announces Honeywell CDR special cash distribution

TORONTO, Oct. 22, 2025 /CNW/ - CIBC today announced the record date for a special cash distribution to be paid to holders of Honeywell Canadian Depositary Receipts (CAD Hedged) issued by CIBC (the "Honeywell CDRs") in connection with the spin-off by Honeywell International Inc. ("Honeywell") to holders of its common stock of all of the issued and outstanding shares (the "Spin-Off Securities") of Solstice Advanced Materials Inc. ("Solstice").

Honeywell has announced that it will distribute the Spin-Off Securities as of 12:01 a.m. (New York City time) on October 30, 2025 on the basis of a distribution ratio of one share of Solstice common stock for every four shares of Honeywell common stock held as of the close of business on October 17, 2025. Completion of the distribution by Honeywell of the Spin-Off Securities is conditioned upon the satisfaction or waiver of certain conditions.

Honeywell common stock are the "Underlying Shares" for the Honeywell CDRs.

As provided in the Deposit Agreement for the Honeywell CDRs (the "Deposit Agreement"), the Deposit Agreement Custodian will receive Spin-Off Securities in respect of the Underlying Shares as Custodian for the holders of Honeywell CDRs on the relevant CDR record date (the "CDR Record Date Holders") and for CIBC as holder of the Issuer Interest (as defined in the Deposit Agreement), and CIBC will use its commercially reasonable efforts to sell such Spin-Off Securities, and will allocate the net proceeds of such sale (net of all taxes and governmental charges payable in connection with such sale and subject to the terms and conditions of the Deposit Agreement) for the account of the CDR Record Date Holders and CIBC (as holder of the Issuer Interest). Such proceeds will be distributed on or about November 10, 2025 in accordance with the terms of the Deposit Agreement.

CIBC has fixed October 30, 2025 as of the close of business as the CDR record date for the purpose of determining the CDR Record Date Holders. Accordingly, the Honeywell CDRs are expected to begin trading on Cboe Canada on an ex-distribution basis on October 30, 2025.

Additional information regarding the special cash distribution to holders of Honeywell CDRs may be found in the Preliminary Notice of Special Distribution dated October 20, 2025 in respect of the Honeywell CDRs and posted to CIBC's CDR website. Additional information, including the cash amount to be distributed per Honeywell CDR, will be provided in a final Notice of Special Distribution in respect of the Honeywell CDRs to be posted to CIBC's CDR website, after CIBC has sold any Spin-Off Securities received in respect of the Underlying Shares.

Additional information regarding the Honeywell spin-off transaction may be found on Honeywell's Investor Relations website including in a press release dated September 30, 2025 ("Honeywell Board of Directors Sets Record Date and Announces Expected Timing for Spin-Off of Solstice Advanced Materials").

The Prospectus Supplement for the Honeywell CDRs has been filed on SEDAR+ at www.sedarplus.ca. For more information about CDRs, please visit https://cdr.cibc.com.

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, 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