Manatt is advising Ceres Acquisition Corp., a special purpose acquisition corporation (SPAC), in connection with its business combination with Parallel Inc., one of the largest privately-held multi-state cannabis operators in the United States. If completed, the transaction would result in Parallel becoming a public company.
In addition, the Manatt team advised Ceres in an over-subscribed private investment in public equity (PIPE) of $225 million. Substantial investment in the PIPE came from existing Parallel and Ceres investors, as well as institutions and private family offices in both the U.S. and Canada. The proceeds of the PIPE are intended to be used to fund Parallel's continued growth and market expansion. The transaction is scheduled to close in Summer 2021.
The Manatt deal team is being led by Thomas Poletti and Anita Famili Sabine and also includes Dieu Nguyen, Cailey Cavanaugh, Lucile White, Jennifer Lynch, Jeffrey Mannisto, Viral Mehta and Loni Gonzalez.
To learn more, read Parallel’s press release here.
Manatt’s role in this deal was featured in media outlets including Bloomberg Law, Law360, The Deal, Atlanta Business Chronicle and Law.com Radar.