Installing a VM with Ubuntu 16 on m1 macbook air

I have an M1 MacBook air and hence I need OS images supporting ARM. I need to use Ubuntu 14 or 16 on VM for an important task. I have tried using Parallel Desktop's free trial. It works fine for the Ubuntu 20 (ARM) image (.iso) but when I try to start running VM with ubnutu 16 ARM image (from this page), it is stuck at the following stage (see the image), I think there is probably some problem with the OS image. Can anybody help me with running Ubuntu 16 (ARM) on a VM on my laptop?