On June 12, 2024, National Bank of Canada launched a public offering of 4,453,000 subscription receipts at $112.30 each, totaling $500,071,900. Each receipt entitles holders to one National Bank common share upon completing its acquisition of Canadian Western Bank (CWB), expected by December 2025. The offering aims to support National Bank's capital ratios and cover transaction expenses. Legal counsel for National Bank includes McCarthy Tétrault LLP, with Torys LLP advising the underwriters. The syndicate of underwriters, led by National Bank Financial Inc. and including CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., ATB Securities Inc., Barclays Capital Canada Inc., Canaccord Genuity Corp., Cormark Securities Inc., Desjardins Securities Inc., iA Private Wealth Inc., Manulife Wealth Inc., Raymond James Ltd., Sera Global Securities Canada LP, and Stifel Nicolaus Canada Inc., has an over-allotment option for up to 667,950 additional receipts. If the acquisition does not proceed, subscription receipts holders will be refunded. The Toronto Stock Exchange has conditionally approved listing the receipts and underlying common shares.