The Toronto Stock Exchange reports that it has granted an application for the original listing of Sandisk CDR (CAD Hedged), issued by Canadian Imperial Bank of Commerce, under the symbol SNDK, with Cusip No. 800054 10 8 and in Canadian dollars. According to the TSX, there will be 50,000 Canadian depositary receipts (CDRs) issued and outstanding, with no securities reserved for issuance. The CDRs will be listed at 5:01 p.m. on May 6, 2026, for trading at the open on May 7, 2026.

The TSX reports that the CDRs are securities that represent a beneficial ownership interest in a pool of shares of common stock of Sandisk Corp. The underlying shares are listed on the Nasdaq Global Select Market under the symbol SNDK. The CDRs are designed to provide Canadian investors with a fractional ownership interest in the underlying shares in Canadian dollars with a currency hedge.

According to the TSX, each CDR is equivalent to owning a fractional interest in the underlying shares. This is represented by the CDR ratio. The CDR ratio is adjusted on a daily basis to provide a notional currency hedge. As the ratio increases or decreases, the number of underlying shares represented by one CDR increases or decreases. So, if the Canadian dollar strengthens, the CDR will represent a larger number of underlying shares. Conversely, if the Canadian dollar weakens, the CDR will represent a smaller number of underlying shares. For example, if on a given day a CDR holder owns 100 CDRs and the CDR ratio is 0.10 on that day, then the CDR holder's interest in the pool of underlying shares is proportionate to beneficially owning 10 of the underlying shares with a notional hedge to Canadian dollars. The CDR ratio for each series of CDRs will be calculated daily and will be available on the CDR website of CIBC under the CDR directory tab.

The TSX notes that CDR investors will be entitled to vote the underlying shares through CIBC's on-line voting portal. CIBC Mellon Trust Company, as the depositary, will then vote the underlying shares in accordance with the instructions provided on a commercially reasonable best efforts basis. The number of underlying shares that each CDR holder can vote will depend on how many CDRs they hold and how many underlying shares each CDR reflects. Dividends paid on the underlying shares will be passed through to CDR investors in Canadian dollars when received by the depositary. The record date for determining which CDR holders are entitled to receive any dividends in respect of CDRs will be the record date set by the relevant underlying issuer. The depositary will notify CDR holders of any record dates via the CDR website under the corporate actions tab.

The deposit agreement, dated as of July 16, 2021, and amended and restated with effect as of May 28, 2024, among CIBC and CIBC Mellon, as the custodian, sets out the terms of the CDR holders' interests and rights. Each CDR represents an equal undivided direct beneficial interest in the underlying shares. CDR holders do not have any ownership interest in any particular underlying shares or number or fraction thereof, and CDR holders will not be considered to be shareholders of the underlying issuer for the purposes of Canadian or U.S. securities laws.

As stated in CIBC's short form base shelf prospectus dated Sept. 10, 2025, and prospectus supplement No. 3 dated April 17, 2026, 50,000 CDRs are being offered to the public at a subscription price of $30.76 per CDR. The offering is expected to close on May 6, 2026. The designated market-maker is CIBC World Markets Inc., the transfer agent and registrar is TSX Trust Company at its principal office in Toronto.