An anonymous director reports

AKUMIN INC. PROVIDES UPDATE ON TRADING ON THE TORONTO STOCK EXCHANGE AND STOCKHOLDER INFORMATION

The Toronto Stock Exchange has advised Akumin Inc. that trading of its common stock will resume on the opening of markets on Nov. 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 Oct. 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 on-line and additional information regarding the transactions contemplated by the RSA can be found on-line (for both on-line references, links are available in the original version of this news release).

To implement the transaction in a timely and efficient manner, the company and certain of its subsidiaries voluntarily commenced prepackaged Chapter 11 cases in the United States Court for the Southern District of Texas on Oct. 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 on-line (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 Nov. 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 $25-million (U.S.) 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 payout 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 Oct. 20, 2023, Oct. 23, 2023, and Oct. 27, 2023, respectively, and are available on EDGAR and SEDAR+.

Additional information regarding the transaction is also available on-line. Court filings and other information related to the proceedings are available and administrated by the company's claims agent, Epiq Corporate Restructuring LLC, on-line or by calling toll-free at 877-589-9709 (or 1-503-966-8627 for calls originating outside of the U.S.), or by e-mailing akumin@epiqglobal.com.

About Akumin Inc.

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. Its radiology procedures include MRI, CT, PET/CT, ultrasound, 3-D mammography, X-ray and other interventional procedures. Its oncology services include a full suite of radiation therapy and related offerings.

We seek Safe Harbor.