Ceres Acquisition Corp (NEO: CERE.u) has evidently been feeling some pain since the previously announced transaction with Parallel was cancelled. The cannabis-focused SPAC last night issued a brief letter to shareholders in what appears to be an attempt to quell investor frustration.
Within the brief letter, the special purpose acquisition corporation quickly explained that the business combination was called off as a result of the two parties not being able to agree to undisclosed amendments before a self-imposed September 30 deadline. Specific details on these amendments were not provided.
The SPAC then reiterated that it is confident it can find a transaction by its cut-off date of March 3, 2022, which is the deadline for a qualifying transaction. The company indicated it is looking to find a cannabis-related acquisition, however it is not limiting itself entirely to just one sector.
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The letter follows the cancellation of a planned US$1.884 billion combination between the SPAC and Parallel, which was called off at the start of October. The company was to be lead by William “Beau” Wrigley, Jr, while featuring operations across five states.
Ceres Acquisition Corp last traded at $9.80 on the Neo Exchange.
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.
