Sunday, June 1, 2025

Latest

Ceres Acquisition Corp To Acquire Parallel In US$1.84 Billion Transaction

Ceres Acquisition Corp (NEO: CERE.u), a special purpose acquisition corp, or SPAC, has entered into a definitive business combination with that of Parallel, one of the largest privately held US-based cannabis operators. The currently proposed transaction values Parallel at roughly US$1.84 billion.

The arrangement will see the company raise US$225 million through an oversubscribed PIPE at a price of US$10.00 per share that will be completed conditionally on the closing of the transaction. Funds are said to largely come from institutions and family offices in Canada and the US, as well as existing investors.

Post closing, the firm is expected to have a pro forma cash position of US$430 million, which comes from the $225 million PIPE, as well as $120 million in cash currently on hand from Ceres’ escrow account. Funds will be used to further growth in the firms five states of operations, which include Florida, Pennsylvania, Massachusetts, Texas and Nevada. Parallel currently has 42 retail locations in operation.

The transaction will see Beau Wrigley continue to serve as the CEO and Chairman of Parallel post-closing of the arrangement, while a board of directors consisting of Marina Bozilenko, Kevin Douglas, Sarah Hassan, Linda McGoldrick, Joe Crouthers, and Phil Harris will be appointed. Notably, Wrigley is the former CEO of the WM. Wrigley Jr Company, which was sold to Mars in 2008 for $23 billion.

The transaction is expected to close sometime in summer 2021.

Ceres Acquisition Corp last traded at $10.50 on the NEO.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Alamos Gold Q1 Earnings: The Inside Scoop

Cerrado Gold Q4 Earnings: The Turnaround is Working

B2GOLD Q1 Earnings: Revenue Up, Production & Cash Flow Decline

Recommended

Canadian Copper: The $172M Combined Strategy PEA

ESGold Begins Concentration Tests Ahead Of First Production

Related News

Online Cannabis Platform Leafly To Be Taken Public By SPAC Merida Merger

Blank-check company Merida Merger Corp. I (Nasdaq: MCMJ) announced today that it has entered into...

Monday, August 9, 2021, 10:59:00 AM

Healthcare Reimbursement Firm MSP Recovery To Be Taken Public In A US$32.6 Billion SPAC Merger

Health insurance reimbursement platform MSP Recovery (Nasdaq: MSPR) closed its business combination with special purpose...

Thursday, May 26, 2022, 02:21:00 PM

Eagle Equity’s 8th SPAC Screaming Eagle Acquisition Prices US$750 Million IPO

Special purpose acquisition company Screaming Eagle Acquisition Corp.(Nasdaq: SCRMU) started trading publicly on the Nasdaq...

Thursday, January 6, 2022, 02:18:00 PM

SPAC Welsbach Technology Metals Acquisition Prices US$75 Million IPO

Special purpose acquisition company Welsbach Technology Metals Acquisition Corp. (Nasdaq: WTMAU) started trading publicly on...

Wednesday, December 29, 2021, 02:18:00 PM

Fintech SPAC Prime Number Acquisition I Prices US$60 Million IPO

Special purpose acquisition company Prime Number Acquisition I Corp (Nasdaq: PNACU) started trading its securities...

Monday, May 16, 2022, 02:23:00 PM