Parallel and Scooter Braun-backed Ceres Acquisition Mutually Terminate $1.89B Deal

Ceres and Parallel

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.

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