Desktop 16 for Mac work on M1 chip Macs

I have Parallels Desktop 16 for Mac (Business Edition) running on a 2 year old MacBook. I just got a new MacBook with an M1 chip. Will Parallels Desktop 16 will work with the new M1 chip MacBook?
If it's possible I'd like to transfer my license from the old MacBook to the new one, assuming version 16 works on the new one.

 

Thanks. I'm now trying to get PD 18 running on the new MacBook. It is giving me an error trying to activate. Working with support through facebook messenger to solve that but it's slow going.