Upgrading from Parallels 14 to Parallels 16-M1 -- old .pvm still usable?

I have a Permanent License for Parallels 14 which was running on MAC OS10.11; the power supply crashed but the discs are fine.
I've been able to migrate from the old Boot drive to a new Mac Mini with an M1 Chip.
Will I be able to open/use the _Virtual Windows 7.pvm_ from that version when Parallels 16 is ready for M1 and I buy it?
Thanks!
--Fred

 

You cannot use intel based Windows on Mac with M1 chips.