In February 2021, chewing gum heir William “Beau” Wrigley Jr. and his Parallel marijuana company seemed on the verge of completing a $1.9 billion deal to go public through a special purpose acquisition company (SPAC) backed by music mogul Scooter Braun.
The blockbuster transaction – combining multistate operator Parallel and Braun’s Ceres Acquisition Corp. – was promoted in Parallel’s presentation to investors as bringing together two “industry titans.”
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But the merger collapsed without explanation last September, and, soon after, Wrigley stepped down as CEO.
Now, Wrigley, Atlanta-based Parallel and some of its top executives face litigation – including a lawsuit in U.S. District Court in southern Florida by investors alleging securities fraud, mismanagement and misrepresentation.
Among other things, the three disgruntled investment groups accuse Wrigley of deliberately letting the SPAC deal “die on the vine” when it was clear the merged company would fail to live up to
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