/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
PLANTATION, Fla., Nov. 2, 2023
/CNW/ - Akumin Inc. ("Akumin" or the "Company") (TSX: AKU)
announced today that the Toronto Stock Exchange ("TSX") has advised
the Company that trading of its common stock will resume on the
opening of markets on November 3,
2023. The Company is issuing this press release to
provide certain information for its stockholders at the request of
the TSX.
As previously disclosed on October 20,
2023, the Company entered into a Restructuring Support
Agreement (including all exhibits thereto, collectively, the
"RSA") with certain parties. A copy of the RSA is
publicly available at https://dm.epiq11.com/Akumin and additional
information regarding the transactions contemplated by the RSA can
be found at http://www.AkuminTransaction.com.
To implement the transaction in a timely and efficient manner,
the Company and certain of its subsidiaries voluntarily commenced
prepackaged chapter 11 cases (the "Chapter 11 Cases") in
the United States Court for the
Southern District of Texas
(the "Court") on October 22,
2023 (as amended, supplemented or otherwise modified
from time to time, the "Prepackaged Plan"). The
Company's disclosure statement for the Prepackaged Plan, which is
also available at https://dm.epiq11.com/Akumin
(the "Disclosure Statement"), includes, among other things, a
summary of the chapter 11 process, the events leading up to the
Company's entry into the transaction, and certain other financial
information (including financial projections and a liquidation
analysis).
The Company is seeking and expects to obtain confirmation of the
Prepackaged Plan from the Court on or around November 29, 2023. If confirmed by the
Court, the Company expects to emerge from chapter 11
immediately after obtaining certain regulatory approvals.
During the process, Akumin's operations are expected to continue
as normal. The Company expects to continue to pay trade creditors,
employees, and other partners in the ordinary course of
business.
As previously disclosed, if confirmed by the Court, the
Prepackaged Plan contemplates that holders of common stock will
receive their pro rata share of US$25,000,000 and, if certain conditions are met
that are specified in the Prepackaged Plan, contingent value rights
to receive additional cash consideration at a later date pursuant
to an agreed formula (the "CVRs"). The terms of the CVRs and
pay-out formula are described in the Prepackaged Plan and
Disclosure Statement. If the conditions to payment under the
CVRs are not met, no additional cash consideration will be payable
under the terms of the CVRs. As part of the court process and in
accordance with the terms of the Prepackaged Plan, the Company is
not soliciting or seeking votes from common stockholders in
connection with the transaction. Upon the Company's emergence
from the chapter 11 process, all common stock outstanding prior to
emergence will be cancelled.
Additional Information
Additional details regarding the restructuring transaction, the
RSA and the Prepackaged Plan are included in the Form 8-Ks that
were filed with the U.S. Securities and Exchange Commission (the
"SEC") on October 20, 2023,
October 23, 2023 and October 27, 2023, respectively, and are available
on EDGAR and SEDAR at www.sec.gov and www.sedar.com.
Additional information regarding the transaction is also
available at www.AkuminTransaction.com. Court filings and other
information related to the proceedings are available and
administrated by the Company's claims agent, Epiq Corporate
Restructuring LLC, at https://dm.epiq11.com/Akumin or by calling
toll-free at (877) 589-9709 (or +1 (503) 966-8627 for calls
originating outside of the U.S.), or by emailing
akumin@epiqglobal.com.
About Akumin
Akumin is a national outpatient partner of choice for U.S.
hospitals, health systems and physician groups, addressing their
outsourced radiology and oncology needs. Akumin provides
comprehensive radiology and oncology services and solutions to
approximately 1,000 hospitals and health systems across 48 states,
and offers fixed-site outpatient diagnostic imaging through a
network of owned and/or operated facilities. By combining
clinical and operational expertise with the latest advances in
technology and informatics, Akumin delivers unparalleled patient
experiences and outcomes. Our radiology procedures include MRI, CT,
PET/CT, ultrasound, 3D mammography, X-ray, and other interventional
procedures; our oncology services include a full suite of radiation
therapy and related offerings. For more information,
visit www.akumin.com.
Forward-Looking
Information
Certain information in this press release constitutes
forward-looking information. In some cases, but not necessarily in
all cases, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "targets",
"expects" or "does not expect", "is expected", "is positioned",
"estimates", "intends", "assumes", "anticipates" or "does not
anticipate" or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", "will" or "will be taken", "occur" or "be
achieved." In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by Akumin as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking
information. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, the following: the Company's ability to obtain the
approval of the Court with respect to the Prepackaged Plan and to
motions in the Chapter 11 Cases; the risk that the Company may not
be able to continue operating in the ordinary course of business;
risks associated with third party motions in the Chapter 11 Cases;
the effects of the Chapter 11 Cases on the Company and on the
interests of various constituents, including the recovery with
respect to the Company's common stock; the length of time the
Company will operate under the Chapter 11 Cases and the continued
availability of operating capital during the pendency of the
Chapter 11 Cases; the potential adverse effects of the Chapter 11
Cases on the Company's liquidity or results of operations and
increased legal and other professional costs necessary to execute
the restructuring transaction; the Company's trading price and the
effects of the Chapter 11 Cases and of the Company's suspension
from trading on the NASDAQ Stock Market LLC on the liquidity of the
Company's common stock. The Company therefore cautions readers
against relying on such forward-looking statements. A further
description of the risks and uncertainties relating to the business
of the Company is contained in the Company's most recent Annual
Report on Form 10-K, the Company's Quarterly Reports on Form
10-Q, and Current
Reports on Form 8-K, as well as any
amendments thereto reflected in subsequent filings with the SEC,
which are available at www.sec.gov and www.sedar.com. All
forward-looking statements attributable to the Company or persons
acting on the Company's behalf are expressly qualified in their
entirety by the foregoing cautionary statements. These factors are
not intended to represent a complete list of the factors that could
affect Akumin; however, these factors should be considered
carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. The forward-looking
statements contained in this press release are made as of the date
of this press release, and Akumin expressly disclaims any
obligation to update or alter statements containing any
forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
SOURCE Akumin Inc.
