Parallel Forms Strategic Committee to Evaluate Comprehensive Review of Alternatives

November 4, 2021

Parallel (the "Company") today announces that it has formed a Strategic Alternatives Committee ("Committee") of its Board of Directors to explore and evaluate a range of strategic alternatives to enhance stakeholder value. These strategic alternatives include, among others, a potential sale of all or part of the Company or other business combination transactions and potential capital raise transactions.

The Company and the Committee do not intend to make any additional comments regarding these discussions until it deems further disclosure is appropriate or required.

Perella Weinberg Partners LP is serving as financial advisor and Mayer Brown LLP is serving as legal advisor to the Committee.