Parallel Walks Away From Go Public Deal With SPAC

Evidently Parallel will not be the latest multi-state operator to hit the public markets. It was announced quietly last night that the firm and its SPAC target have parted ways and called off the merger of the two firms, with little detail provided as to why.

The news was contained in a small release issued by Ceres Acquisition Corp (NEO: CERE.U), the special purpose acquisition corporation that was to be used to take the company public. The deal, first announced on February 21, was pegged at US$1.884 billion, including a US$225 million over subscribed PIPE arrangement.

The transaction as first announced was to have the firm helmed by Chairman and CEO William “Beau” Wrigley Jr. Parallel currently operates in five states, including Florida, Pennsylvania, Massachusetts, Texas and Nevada, and at the time of announcement, was forecasting revenues of US$447 million for 2021 on a net basis.

Termination of the SPAC transaction is said to have been mutually agreed too, and is effective immediately. Ceres Acquisition has indicated it intends to complete a qualifying transaction by its deadline of March 3, 2022.

Further details were not provided.

Ceres Acquisition Corp last traded at $9.94 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.

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