/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/
PLANTATION, Fla., Jan. 31, 2024 /CNW/ - Akumin Inc. (together with its subsidiaries, "we", "us", "our," "Akumin" or the "Company") (TSX: AKU) (OTC Pink Open Market: AKUMQ) announced today that its previously announced restructuring transaction involving Stonepeak as well as its bondholders, lenders, shareholders and other stakeholders under a prepackaged chapter 11 plan of reorganization (the "Prepackaged Plan") is expected to become effective on or around February 6, 2024 (the "Effective Date"), subject to satisfaction of all of the remaining conditions to the closing of the restructuring transaction. On the Effective Date, Stonepeak will become the 100% owner of Akumin's common shares. As part of the transaction, Akumin's existing common stockholders that are holders of record on the Effective Date will receive their pro rata share of a total of US$25 million in cash as well as, to the extent those common stockholders satisfy certain eligibility requirements, contingent value rights, in each case, subject to the terms and limitations contained in the Prepackaged Plan.
Under the Prepackaged Plan, no shareholder approval is required to facilitate Akumin's restructuring transaction. In anticipation of the Effective Date, and in order to consummate the restructuring transaction, Akumin has applied to voluntarily delist its common stock from the Toronto Stock Exchange. In accordance with Section 720(b)(ii) of the TSX Company Manual, the effectiveness of the Prepackaged Plan will constitute a liquidity event for Akumin's existing common stockholders and the Company expects that all conditions to the effectiveness of the Prepackaged Plan will be satisfied by the Effective Date. The common stock of Akumin will be delisted from the Toronto Stock Exchange after market close on February 1, 2024.
Additional Information
Additional information regarding the restructuring transaction is available at www.AkuminTransaction.com. Court filings and other information related to the court proceedings is 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 47 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, 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 all regulatory approvals and other conditions to the closing of the restructuring transaction; the risk that the Company may not be able to continue operating in the ordinary course of business; the effects of the Chapter 11 cases on the Company ("Chapter 11 Cases") and on the interests of various constituents; 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 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.
View original content: http://www.newswire.ca/en/releases/archive/January2024/31/c5739.html