The Bank of Nova Scotia filed a free writing prospectus on November 5, 2026, disclosing terms for Contingent Income Auto-Callable Securities with Memory Coupon tied to the common stock of Space Exploration Technologies Corp., with a stated maturity date on or about November 16, 2029.

Key Highlights

  • Underlying asset: Common stock of Space Exploration Technologies Corp. (Bloomberg Ticker: "SPCX UW")
  • Contingent quarterly coupon: $38.175 per security, equivalent to 15.27% per annum of the $1,000.00 stated principal amount, payable only if the closing price on a determination date is at or above the downside threshold price
  • Downside threshold price: 50.00% of the initial share price; if breached at final determination, payment at maturity could be as low as zero
  • Call threshold price: 100.00% of the initial share price; securities are automatically redeemed early if closing price meets or exceeds this level on any non-final determination date
  • Estimated value on pricing date: Expected to be between $936.80 and $966.80 per security, against a stated principal amount of $1,000.00
  • Commission: $22.50 per stated principal amount
  • CUSIP / ISIN: 06419UCG8 / US06419UCG85; the securities will not be listed on any exchange or electronic communications network

Terms and Structure of the Bank of Nova Scotia's SpaceX-Linked Securities

According to the filing, The Bank of Nova Scotia (NYSE:BNS) is offering senior unsecured debt securities under its Senior Note Program, Series A, with a pricing date of November 13, 2026, an original issue date of November 18, 2026, and a final determination date of November 13, 2029. The minimum investment is $1,000, equal to one security. The filing states that "all payments on the securities are subject to the credit risk of BNS."

The securities include a memory coupon feature. As the filing describes, if the closing price of the underlying stock is below the downside threshold price on one or more determination dates, the unpaid contingent quarterly coupons are not forfeited outright; instead, they accumulate and become payable on the next determination date where the closing price meets or exceeds the downside threshold price. The filing notes explicitly that "no interest will accrue or be paid on any previously unpaid contingent quarterly coupons." If the closing price remains below the downside threshold on every determination date through maturity, the filing states investors "will receive no contingent quarterly coupons during the term of, and will not receive a positive return on, the securities."

The filing's hypothetical payout table illustrates that principal is returned in full at maturity for underlying stock declines up to 50.00%, but that a 51.00% decline would result in a $490.00 payment per security, with the payment falling proportionally further at greater losses, reaching $0.00 at a 100.00% decline. The filing states investors "will not participate in any appreciation of the underlying stock." A preliminary pricing supplement is accessible via the SEC's EDGAR system at the URL provided in the filing, under Registration Statement No. 333-298611.

What Was Disclosed

The Bank of Nova Scotia disclosed the preliminary terms of principal-at-risk, auto-callable structured notes linked to Space Exploration Technologies Corp. common stock, including coupon conditions, early redemption mechanics, the memory coupon feature, estimated value range, and commission details, via a free writing prospectus dated November 5, 2026.