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CIBC announces Honeywell CDR special cash distribution
CIBC announces Honeywell CDR special cash distribution Canada NewsWire TORONTO ,...
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"\n\n\nCIBC announces Honeywell CDR special cash distribution\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\nCanada NewsWire\n\n\nTORONTO, 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\").\n\n\n\n\n\n\n\nHoneywell 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.\nHoneywell common stock are the \"Underlying Shares\" for the Honeywell CDRs.\nAs 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.\nCIBC has fixed October 30, 2025 as of the close of business as the CDR record date for the purpo...