Transaction expected to fuel the growth of Parallel’s U.S. footprint and enhance its mission to pioneer well-being and improve quality of life through cannabinoids
Beau Wrigley remaining as Chairman and CEO and Ceres Group Holdings’ Scooter Braun to serve as a Special Advisor
Transaction values Parallel at an implied enterprise value of US$1.884 billion1
Investors commit to an over-subscribed US$225 million private placement at closing; combined public company expected to have US$430 million cash balance at closing
Ceres Acquisition Corp.’s CEO Joe Crouthers to become a director of the combined public company, with an additional slate of 4 independent directors with significant health and life sciences experience
Joint conference call to discuss the proposed transaction today at 9:00 a.m. ET
ATLANTA and TORONTO, Feb. 22, 2021 /PRNewswire/ — Parallel (the “Company”), one of the largest privately-held multi-state cannabis operators in the United States (U.S.) and Ceres Acquisition Corp. (“Ceres”) (NEO: CERE.U, CERE.WT;OTCQX: CERAF), a special purpose acquisition corporation (SPAC), today announced they have entered into a definitive business combination agreement involving a transaction that, if completed, would result in Parallel becoming a public company (the “Transaction”). In addition, a group of investors, led by Ceres and Parallel, have committed to participate in the Transaction through an over-subscribed private investment in public equity (“PIPE”) of US$225 million. Subject to the satisfaction of Conditions (as defined below), the Transaction is expected to close in Summer 2021.
William “Beau” Wrigley Jr., Chairman and CEO of Parallel said: “We believe Parallel is ideally positioned for its next phase of growth, as we continue to build our presence in strategic markets and invest in innovation, R&D and the customer experience. Today’s milestone announcement is a testament to Parallel’s impressive growth to date, the strength of our business fundamentals, strong balance sheet, and above all, our unwavering