Business

Ceres, Parallel call off SPAC deal

By Alex Halperin
Oct 4, 2021
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Ceres Acquisition Corp., and MSO Parallel mutually nixed their plan to go public in a $1.88B SPAC deal. 
Reuters

  • While neither party comment on the break up three sources told Reuters that several investors didn’t believe Parallel could delivery on its “lofty” projections.
  • Several investors who had committed to a $225M investment refused to invest over the following months, the sources added.
  • Parallel is led by billionaire heir William “Beau” Wrigley who has said the company will surpass his family’s gum fortune.
  • Parallel declined to comment other than to say it is healthy and has a bright future.  
  • Ceres plans to find another partner to take public. The company is backed by media executive Scooter Braun. 
  • SPAC deals, recently the hottest thing on Wall Street, have cooled in recent months, especially in the cannabis space. 
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