---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-265244"
form_type: "8-K"
ticker: null
cik: "0001776197"
company_name: "AKUMIN INC."
filed_at: "2023-10-27T23:59:59+00:00"
generated_at: "2026-06-09T07:11:13.082615+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Akumin files Chapter 11; $75M DIP facility; stock suspended from Nasdaq/TSX; ratings cut to D

## Summary
- Obtained $75M DIP facility from Stonepeak; initial $55M draw used to repay revolving credit facility.
- Failed to pay $3.94M cash interest due Oct 23, triggering a Trigger Event and interest rate increase under Series A Note.
- Common stock suspended from Nasdaq on Oct 26 and TSX on Oct 23; delisting expected.
- S&P downgraded issuer rating to D; Moody's cut to Ca and withdrew all ratings.
- Bankruptcy court hearing on prepackaged plan scheduled for Nov 29, 2023.

## SEC filing metadata
- accession: 0001193125-23-265244
- form_type: 8-K
- cik: 0001776197
- company_name: AKUMIN INC.
- filed_at: 2023-10-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.03, 2.04, 3.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1776197/000119312523265244/0001193125-23-265244-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1776197/000119312523265244/d576690d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-265244
- JSON: https://secwatch.observer/filing/0001193125-23-265244.json
- Plain text: https://secwatch.observer/filing/0001193125-23-265244.txt

## Key facts
- Debt Financings
  AKUMIN INC. reported a default on debt of $340 million with Stonepeak at 200 basis points.
  - Principal: $340 million
  - Counterparty: Stonepeak
  - Rate: 200 basis points
  - Event: default
  source text: supplemented or otherwise modified from time to time prior to the date hereof, the “Series A Note”), issued by the Issuer to Stonepeak in the initial principal amount of $340 million, the form of which was attached as Exhibit B to the Series A Notes and Common Share Purchase Agreement between the Company, the Issuer and Stonepeak, dated June 25, 2021, which
  evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523265244/0001193125-23-265244-index.htm
- Distress & Bankruptcy
  AKUMIN INC. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-10-22).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the Southern District of Texas
  - Petition: 2023-10-22
  source text: On October 22, 2023, the Debtors filed with the Bankruptcy Court the Joint Prepackaged Chapter 11 Plan of Reorganization of Akumin Inc. and Its Debtor Affiliates
  evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523265244/0001193125-23-265244-index.htm
- Listing & Compliance Notices
  AKUMIN INC. received a nasdaq delisting notice notice regarding other (rules 5800).
  - Exchange: nasdaq
  - Notice: delisting notice
  - Rules: 5800
  source text: October 17, 2023, the Company received a written notification (the “Staff Delisting Determination”) from Nasdaq’s Listing Qualifications Department notifying the Company that unless the Company appealed Nasdaq’s delisting determination to a Nasdaq Hearings Panel (the “Hearings Panel”) in compliance with the procedures set forth in the Nasdaq Listing Rule 5800 Series by 4:00 p.m. Eastern Time on October 24, 2023, (i) Nasdaq would suspend trading of the Common Stock at the opening of business on October 26, 2023 and (ii) Nasdaq would schedule the Common Stock for delisting and file a Form 25-NSE
  evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523265244/0001193125-23-265244-index.htm
- Listing & Compliance Notices
  AKUMIN INC. received a other delisting notice notice regarding other.
  - Notice: delisting notice
  source text: October 23, 2023, trading in the Company’s securities on the Toronto Stock Exchange (“TSX”) was suspended. In connection with the suspension of its securities, the Company received a written notice from TSX (the “TSX Notice”) notifying the Company that TSX is reviewing the eligibility of the Company’s securities for continued listing on TSX pursuant to the expedited review process (the “Expedited Review Process”) set forth under Part VII, Section 707 of the TSX Company Manual (the “Manual”). The Company is currently undergoing the Expedited Review Process because it meets the insolvency delist
  evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523265244/0001193125-23-265244-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.