Ceres Acquisition announced the mutually agreed termination of its merger agreement with cannabis operator Parallel.
Ceres said it intends to continue to pursue the completion of a qualifying transaction prior to the March 3, 2022 deadline, unless the date is extended with shareholder approval.
When the deal was announced in February, a group of investors led by Ceres and Parallel had committed to participate in an over-subscribed PIPE of $225 million. The combined company was expected to have $430 million in cash at closing.
No reason was given in the press release for the termination. Read more.
