and enhance its mission to pioneer well-being and improve quality of life through cannabinoids Beau Wrigley remaining as Chairman and CEO and Ceres Group Holdings' Scooter Braun to serve as a Special Advisor Transaction values Parallel at an implied enterprise value of US$1.884 billion 1 combined public company expected to have US$430 million cash balance at closing Ceres Acquisition Corp.'s CEO Joe Crouthers to become a director of the combined public company, with an additional slate of 4 independent directors with significant health and life sciences experience Joint conference call to discuss the proposed transaction today at 9:00 a.m. ET ATLANTA and TORONTO, Feb. 22, 2021 /PRNewswire/ -- Parallel (the "Company"), one of the largest privately-held multi-state cannabis operators in the United States (U.S.) and Ceres Acquisition Corp. ("Ceres") (NEO: CERE.U, CERE.WT;OTCQX: CERAF), a special purpose acquisition corporation (SPAC), today announced they have entered into a definitive business combination agreement involving a transaction that, if completed, would result in Parallel becoming a public company (the "Transaction"). In addition, a group of investors, led by Ceres and Parallel, have committed to participate in the Transaction through an over-subscribed private investment in public equity ("PIPE") of US$225 million. Subject to the satisfaction of Conditions (as defined below), the Transaction is expected to close in Summer 2021.