CIBC today announced a split (the "CDR Split") of its Nvidia Canadian Depositary Receipts (CAD Hedged) ("Nvidia CDRs"), as indicated in the table below.
| Cboe Canada | CDR Series | Closing Price (July 2, 2024) | Forward Split |
| NVDA | Nvidia Canadian Depositary Receipts (CAD Hedged) | $115.70 | 4-for-1 |
The CDR Split will take effect by way of a subdivision of all Nvidia CDRs that are outstanding after the close of trading on July 9, 2024, each outstanding Nvidia CDR automatically being split into the number of post-split Nvidia CDRs as indicated in the table above.
The Nvidia CDRs will begin trading on a split-adjusted basis on July 10, 2024.
CIBC confirms that the product of the CDR Ratio for the Nvidia CDRs and the number of Nvidia CDRs outstanding will be unchanged by the CDR Split. Accordingly, the CDR Split is not expected to have any economic impact on the value of investors' Nvidia CDR positions.
CIBC has obtained an opinion from Torys LLP that the CDR Split would not have any material adverse consequences under Canadian federal income tax laws to holders of Nvidia CDRs resident in Canada.
Previously, the Nvidia CDRs were subject to a ratio adjustment event effective June 10, 2024 related to the ten-for-one split of the common stock of Nvidia Corporation, as outlined in the Final Announcement of Ratio Adjustment for Ten-to-One Stock Split, found here.