Ceres Acquisition Corp. Releases Letter to Shareholders

Ceres Acquisition Corp. (NEO: CERE.U, CERE.WT; OTCQX: CERAF) (“Ceres” or the “Corporation”) is pleased to provide the following letter to shareholders. The letter can also be accessed from the Corporation’s website at www.ceresacquisition.com or from SEDAR at www.sedar.com.

Dear Ceres Acquisition Corp. Shareholders,

As you are aware, Ceres Acquisition Corp. (NEO: CERE.U, CERE.WT; OTCQX: CERAF) (“Ceres”) announced the mutually agreed termination of its Business Combination Agreement dated February 21, 2021 (the “BCA”) with SH Parent, Inc. The parties could not agree on the potential amendments to the BCA prior to the September 30th outside date. As we look to the future, we will work tirelessly to focus our search on a target business with significant long-term value for our shareholders.  We appreciate your patience and understanding throughout this process.  

Ceres will continue pursuing the completion of a qualifying transaction prior to the deadline of March 3, 2022 (unless that date is extended, with shareholder approval). We are confident in our abilities to identify, evaluate, and execute an attractive qualifying transaction by continuing to leverage our network to source a wide spectrum of meaningful investment opportunities. As experienced cannabis investors we feel the opportunity set within the cannabis sector is quite strong and given recent price compression combined with strong growth rates and business execution, the sector should provide investors with meaningful upside in the near future. While Ceres will continue to search for target businesses with a focus on the cannabis and related health and wellness industries, we are not limited to a particular industry or geographic region for purposes of completing our qualifying transaction.   

We are committed to delivering value to our shareholders and we look forward to providing appropriate updates in the future.  

Thank you for your continued support.

Joe Crouthers

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.

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