Akumin Inc (AKU) News

lololol. so close.

AKUMQ: BK PLAN effective. All shares cancelled.

https://otce.finra.org/otce/dailyList?viewType=Deletions

AKU changed to AKUMQ, bankruptcy. Delisted from the Nasdaq to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

$AKU wonder when they will run this again? Somebody PM me before next pump. I would like to play this one.

YOU SHOULD HAVE SOLD 49C

I think wayyyy higher shout out to Triple nickel getting me in this at .30

AKU 49C

AKU TO 49C

What’s causing this

Push it

$1 today?

Wow! Nice!
$AKU

Grab inpx

Grab some MGRX dude it’s going to $2 this week I’m almost positive

Boom!!!

.31 and climbing

Nice jump looking for .63

Akumin Inc. Reaches Agreement with Stonepeak to Become a Private Company

October 20, 2023

Financial restructuring to fortify balance sheet and provide liquidity runway for next stage of growth

Approvals received from key stakeholders across capital structure; transaction will be implemented through prepackaged court-supervised process; Expected to obtain court approval within the next 45 days

Business will continue to operate as usual without interruption; trade creditors, employees, and other partners expected to continue to be paid in ordinary course

PLANTATION, Fla., Oct. 20, 2023 /CNW/ - Akumin Inc. ("Akumin" or the "Company") (NASDAQ: AKU) (TSX: AKU) announced today that it has reached an agreement with Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and the Company's stakeholders on the terms of a financial restructuring that will substantially improve the Company's balance sheet and provide ample liquidity to position Akumin for future success. The contemplated transaction will result in Akumin no longer being publicly listed.

To effect the transaction in a timely and efficient manner, the Company and certain of its subsidiaries will commence prepackaged chapter 11 cases in the Southern District of Texas. The Company expects to obtain court approval of the transaction within the next 45 days and complete the transaction after receiving certain regulatory approvals. Throughout 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.

"Today's announcement marks the successful culmination of a thorough strategic review process to ensure we have the right capital structure in place to support our long-term success. As a result of this transaction, Akumin will move forward as a private company with increased financial flexibility and a strengthened balance sheet, better positioned to execute on our strategic plan to become the outpatient partner of choice for hospitals and health systems," said Riadh Zine, Chairman and Chief Executive Officer of Akumin. "We are pleased to enter this agreement with Stonepeak, which we believe will enable us to maximize the value of our business and create the best path forward for all of our stakeholders."

He continued, "The overwhelming support of our financial partners for this transaction is a testament to the strength of the foundation we have built and their confidence in our future. Akumin has significant scale, extensive and long-standing relationships with hospitals and health systems, a unique service offering, technological expertise in autonomous workflow for healthcare service delivery and a deep bench of talent. We thank our customers, partners, vendors and team members for their continued support of Akumin in its commitment to enhancing patient experiences and outcomes."

"Stonepeak is committed to working closely with Akumin as it moves through this process," said James Wyper, Senior Managing Director at Stonepeak. "The critical nature of the services Akumin provides to health systems, hospitals, physician groups, and patients all across the country gives us confidence in the inherent value of the business, and we believe that this path forward will fortify the Company's balance sheet as it looks towards its next phase of growth."

Transaction Details
The contemplated transaction will result in the existing Stonepeak Note, totaling approximately $470 million, being cancelled and converted into Common Shares of the Company. In addition, Stonepeak will invest $130 million in new money into the Company as a capital contribution.

To facilitate the transaction, the Company and Stonepeak have executed a Restructuring Support Agreement with over one-third of the Company's common equity, a supermajority of the Company's bondholders, and all of the Company's revolving lenders. The Restructuring Support Agreement provides that, other than those notes which are exchanged for cash via the reverse Dutch election opportunity described below, the Company's senior secured notes due 2025 will be exchanged for new senior secured notes with a maturity of August 1, 2027 and an increased interest rate, among other changes in terms. Additionally, the Company's senior secured notes due 2028 will be exchanged for new senior secured notes with the same maturity date but an increased interest rate, among other changes in terms.

As part of the transaction, Akumin's existing common stockholders will receive a total of $25 million in cash as well as certain contingent value rights ("CVRs") for their shares.

The transaction will be implemented through a court-supervised process and as such, the Company and certain of its subsidiaries will commence prepackaged chapter 11 cases in the Southern District of Texas. In the event Stonepeak provides debtor-in-possession (DIP) financing or any other new money contributions at or prior to the closing of the transaction, such DIP facilities and new money will convert to equity at closing and reduce the $130 million investment amount on a dollar-for-dollar basis. Stonepeak will also make $60 million of the proceeds from its investment available for a reverse Dutch election opportunity for the Company's notes due 2025 and the notes due 2028.

Additional details regarding the transaction, including more information about the CVRs, are included in a Form 8-K that is being filed with the SEC concurrently with this release.

Additional Information
Additional information regarding the transaction is available at www.AkuminTransaction.com. Once the court-supervised process has begun, court filings and other information related to the proceedings will be 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.

Akumin's advisors include Jackson Walker LLP, Dorsey & Whitney LLP and Stikeman Elliott LLP as legal advisor, AlixPartners LLP as financial advisor, and Leerink as investment banker. Sidley Austin LLP is serving as legal advisor to Stonepeak, and Moelis & Company is serving as Stonepeak's investment banker.

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.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $57.1 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, social infrastructure, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

https://ih.advfn.com/stock-market/NASDAQ/akumin-AKU/stock-news/92330499/akumin-inc-reaches-agreement-with-stonepeak-to-be

$AKU

Tapping it

Nice! Already 80%+ this morning.
$AKU

AKU Insider Activity
Number of Insider Shares Traded

INSIDER TRADE | 3 MONTHS | 12 MONTHS
Number of Shares Bought | 250,000 | 2,317,213
Number of Shares Sold | 0 | 57,078
Total Shares Traded | 250,000 | 2,374,291
Net Activity | 250,000 | 2,260,135

$AKU