Ceres Acquisition in a press release said it will wind up and redeem all outstanding shares, as management believes an appropriate qualifying transaction can be identified and completed by deadline given current market conditions.
Today’s shareholder meeting, which was to include a vote on a deadline extension, has been cancelled.
The redemption amount per Class A restricted voting share will be approximately $10.00045.
Ceres in June secured shareholder approval for a third deadline extension — until Dec. 16 — although at a cost of 35% redemptions.
Ceres in October 2021 terminated a proposed $1.89 billion business combination with Parallel, a cannabis operator backed by music producer Scooter Braun. Read more.
