TORONTO, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Ceres Acquisition Corp. ("Ceres" or the "Corporation") announced today that the previously announced automatic redemption (the "Redemption") of the Corporation's Class A restricted voting shares (the "Class A Restricted Voting Shares") effective at the close of business on December 16, 2022 has been completed, provided that any registered shareholder of Class A Restricted Voting Shares duly delivers the applicable share certificate held by it. Redemption of Class A Restricted Voting Shares held by non-registered holders with The Canadian Depositary For Securities Limited, which represents substantially all of the Class A Restricted Voting Shares, has been completed.

Each Class A Restricted Voting Shares was, as provided under the Corporation's articles, redeemed for approximately U.S.$10.00754 (the "Redemption Amount") before taking applicable withholding taxes into account. Payment of the Redemption Amount (net of any applicable taxes and other permitted deductions) constitutes 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. Shareholders should consult their own tax advisors with respect to applicable income tax consequences of the Redemption. There were no distributions from the escrow account with respect to the Corporation's Class B shares or warrants. The warrants terminated in accordance with their terms.

The Class A Restricted Voting Shares were delisted from the Neo Exchange and no longer quoted on the OTCQX Market effective at the close of business on December 16, 2022, and the Corporation intends to apply to cease to be a reporting issuer in Canada.

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