Chewing gum heir William “Beau” Wrigley Jr., the CEO of Atlanta-based Parallel, struck a mammoth deal with an entertainment mogul to take the cannabis multistate operator public through a transaction that values the company at $1.9 billion.
Ceres Acquisition Corp. – a special purpose acquisition company (SPAC) co-founded by Scott “Scooter” Braun – will buy Parallel, allowing the new company to go public by taking on Ceres’ listing on Canada’s NEO Exchange.
A group of investors, led by existing Ceres and Parallel investors, have committed to the deal through an oversubscribed private investment in public equity (PIPE) of $225 million at a price of $10 per share at closing, according to a news release.
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