Ceres Acquisition Corp. Announces Final Redemption and Cancellation of Special Meeting to seek an Extension to its Permitted Timeline

TORONTO, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Ceres Acquisition Corp. (NEO: CERE.U, CERE.WT; OTCQX: CERAF) (“Ceres” or the “Corporation”) announced today that its board of directors has determined that the Corporation will be wound-up in accordance with its articles and the policies of the Neo Exchange and that the Corporation’s Class A restricted voting shares will be automatically redeemed on or about December 16, 2022. The Corporation’s board of directors has determined that it is in the best interests of Ceres and its shareholders to be wound-up as they do not believe, given current market conditions, that an appropriate qualifying transaction can be identified and completed within the Corporation’s permitted timeline, as extended. Accordingly, Ceres will not seek a further extension to its permitted timeline and the special meeting of holders of Class A restricted voting shares scheduled for December 8, 2022 will be cancelled.

The redemption amount per Class A restricted voting share will, as provided under the Corporation’s articles, be approximately U.S.$10.00045 per share based on the value of the escrow account as of November 30, 2022. Payment of the redemption amount, net of applicable taxes and other permitted deductions, will constitute the Corporation’s final payment in respect of the liquidation of the escrow account that holds the proceeds of the Corporation’s initial public offering. There will be no distributions from the escrow account with respect to the Corporation’s Class B shares or warrants, which will terminate in accordance with their terms. The Corporation’s Class A restricted voting shares will be delisted from the Neo Exchange and the OTCQX Market following the redemption of the shares.

About Ceres Acquisition Corp. 
Ceres is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving the Corporation.

FOR FURTHER INFORMATION PLEASE CONTACT:
Joe Crouthers
Chairman, Chief Executive Officer and Director
Ceres Acquisition Corp.
Chief Executive Officer, Ceres Group Holdings, LLC
(424) 226-7864 or info@ceresgh.com