Leading SPAC Parallel Scraps $1.9 billion Merger Deal with Ceres Corp.

0.9 min readPublished On: October 3rd, 2021By

TORONTO–Ceres Acquisition Corp. (NEO: CERE.U, CERE.WT; OTCQX: CERAF) announced a ”mutually agreed” termination, effective immediately, of its Business Combination Agreement dated February 21, 2021 with SH Parent, Inc.

Chewing gum heir William “Beau” Wrigley Jr.’s cannabis multi-state operator, Parallel, which does business as Surterra Wellness in some states, and music mogul “Scooter” Braun’s Ceres Acquisition Corp. have called off their $1.9 billion blockbuster merger.

The companies didn’t provide a reason for terminating the merger, which would have allowed the resulting company to go public by taking on Ceres’ listing on Canada’s NEO Exchange. which does business as Surterra Wellness in some states

But Reuters reported that “several investors had lost confidence in Parallel’s ability to deliver on lofty financial projections it provided in February when the merger was announced.”

Reporting in MJBizDaily suggests the collapse of the deal to take Atlanta-based Parallel public by Ceres, a special purpose acquisition company in the Los Angeles area, also might reflect a cooling of SPAC activity in recent months in the wake of greater regulatory oversight of the investment vehicles.

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