PLANTATION, FLA., Dec. 6, 2021 /CNW/ - Akumin Inc. (NASDAQ: AKU)
(TSX: AKU) ("Akumin") is providing this update on the status of the
management cease trade order granted by the Ontario Securities
Commission (the "OSC"), as principal regulator of Akumin, on
August 20, 2021 (the "MCTO") under
National Policy 12-203 – Management Cease Trader Orders ("NP
12-203"). The MCTO was granted following Akumin's application to
the OSC once it was determined it was not in a position to file its
interim financial report for the quarter ended June 30, 2021 along with the related management's
discussion and analysis and CEO and CFO certificates (collectively,
the "Required Reports") by the reporting deadline of August 16, 2021, as initially announced on
August 15, 2021 (the "Default
Announcement"). The management cease trade order prevents the
officers and/or directors named in the order from trading in
Akumin's securities but does not affect the ability of other
shareholders, including the public, to trade in securities of
Akumin.
Akumin filed the Required Reports on November 15, 2021. However, as initially
announced on November 8, 2021, as a
result of delays completing the Required Reports, Akumin was unable
to file its interim financial report for the quarter ended
September 30, 2021 along with the
related management's discussion and analysis and CEO and CFO
certificates (collectively, the "Q3 Reports") by the reporting
deadline of November 15, 2021.
Akumin still expects to be in a position to file the Q3 Reports,
with a review by its external auditors, on or before December 15, 2021.
On December 2, 2021, Akumin
entered into a further amendment and waiver with respect to its
revolving credit agreement. Pursuant to the amendment, the
lenders have waived any default related to Akumin having not
delivered the Q3 Reports to the lenders in accordance with the
revolving credit agreement until December
15, 2021. Further, until the Q3 Reports are delivered
to the lenders, the amounts available to draw under the revolving
credit facility will be reduced from $55
million to $10 million.
Akumin does not presently have any amounts due under the revolving
credit facility.
Akumin anticipates that it will continue to be subject to the
MCTO until such order is rescinded by the OSC following Akumin's
filing of the Q3 Reports. Akumin confirms that it will continue to
satisfy the provisions of the alternative information guidelines
under NP 12-203 by issuing bi-weekly default status reports in the
form of news releases for so long as it remains in default of the
above-noted filing requirements and the MCTO continues to
apply.
Akumin confirms that since the date of the Default Announcement:
(i) there has been no material change to the information set out in
the Default Announcement that has not been generally disclosed;
(ii) there has been no failure by Akumin in fulfilling its stated
intentions with respect to satisfying the provisions of the
alternative information guidelines set out in NP 12-203;
(iii) other than as described above in connection with the
delays in filing the Q3 Reports, there has not been any other
specified default by Akumin under NP 12-203; and
(iv) there is no other material information concerning the
affairs of Akumin that has not been generally disclosed.
About Akumin Inc.
Akumin is a national partner of choice for U.S. hospitals,
health systems and physician groups, with comprehensive solutions
addressing outsourced radiology and oncology service line needs.
With the acquisition of Alliance HealthCare Services, Akumin now
provides (1) freestanding, fixed-site outpatient diagnostic imaging
services through a network of more than 170 owned and/or operated
independent imaging centers located in 11 states; and (2)
outpatient radiology and oncology solutions to more than 1,000
hospitals and health systems in 46 states. By combining clinical
and operational expertise with the latest advances in technology
and information systems, Akumin and its ~4,000 Team Members
facilitate more efficient and effective diagnosis and treatment for
patients and their providers in 46 states. Akumin's imaging
procedures include MRI, CT, positron emission tomography (PET and
PET/CT), ultrasound, diagnostic radiology (X-ray), mammography, and
other interventional procedures; our cancer care services include a
full suite of radiation therapy and related offerings. For more
information, visit www.akumin.com and
www.alliancehealthcareservices-us.com.
Forward Looking Information
Certain statements contained in this press release may
constitute forward-looking information. These statements relate to
future events or future performance. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated", "proposed" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on Akumin's
current belief or assumptions as to the outcome and timing of such
future events. In particular, this release contains forward-looking
information relating to the anticipated filing of the Q3 Reports,
the continued application of the MCTO and Akumin's intentions to
continue to satisfy the provisions of the alternative information
guidelines under NP 12-203. Such forward-looking information are
subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements, including, but not limited to, the
risks described in greater detail in the "Risk Factors" section of
Akumin's Management's Discussion and Analysis for the quarter ended
June 30, 2021 dated November 15, 2021, which is available at
www.sedar.com and www.sec.gov. These risks are not intended to
represent a complete list of the risks that could affect Akumin;
however, these risks should be considered carefully. Further,
various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to Akumin. The
forward-looking information contained in this release is made as of
the date hereof and Akumin is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
The TSX has not in any way passed upon the merits of and has
neither approved nor disapproved the contents of this news
release.
SOURCE Akumin Inc.