PLANTATION, Fla., Aug. 23, 2021 /CNW/ - Akumin Inc. (NASDAQ: AKU)
(TSX: AKU) ("Akumin") today announced that the Ontario Securities
Commission (the "OSC"), as Akumin's principal regulator, on
August 20, 2021 granted Akumin's
previously announced application for the imposition of a management
cease trade order under National Policy 12-203 – Management Cease
Trade Orders ("NP 12-203").
Akumin made the application in connection with its default with
respect to having not filed 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. The management cease trade order is to remain in place
until two full business days after Akumin files the Required
Reports and restricts all trading by Riadh
Zine, Akumin's President and CEO, and Mohammad Saleem, Akumin's CFO, in securities of
Akumin.
Akumin applied for a management cease trade order as an
alternative to the imposition by the OSC of a full cease trade
order. 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.
As previously announced, Akumin's filing of the Required Reports
has been delayed as both management and its external auditors,
Ernst & Young LLP, agreed that additional information and
analysis is necessary to complete the Required Reports and Ernst
& Young's review of such Required Reports. The additional
information and analysis relates to additional credit losses
against accounts receivable with respect to prior years.
Akumin is continuing to work to complete the preparation of the
analysis to conclude and facilitate the review of the Required
Reports at the earliest possible date and currently expects to be
in a position to file the Required Reports within 60 days of the
original filing deadline, being October 15,
2021.
Akumin confirms that it will 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.
About Akumin Inc.
Akumin Inc. is a leading provider of freestanding, fixed-site
outpatient diagnostic imaging services in the United States with a network of 137 owned
and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas, Georgia, and Massachusetts. By combining our clinical
expertise with the latest advances in technology and information
systems, our centers provide physicians with imaging capabilities
to facilitate the diagnosis and treatment of diseases and disorders
and may reduce unnecessary invasive procedures, minimizing the cost
and amount of care for patients. Our imaging procedures include
MRI, CT, positron emission tomography (PET), ultrasound, diagnostic
radiology (X-ray), mammography, and other interventional
procedures. For more information, visit www.akumin.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 financial
statements. 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 Annual
Information Form dated March 31,
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.