Akumin downgraded to Hold from Speculative Buy at Clarus

Clarus downgraded Akumin to Hold from Speculative Buy with a price target of 27c, down from $1.50, after Akumin announced a deal to be acquired by its private equity partner Stonepeak via a prepackaged Chapter 11. The deal “seems like an elegant solution for Stonepeak to protect its investment and get a relatively complicated deal to close quickly,” says the analyst, who does not expect a superior bid given that Stonepeak is providing the DIP financing, cancelling its subordinated notes, offering to buy $60M of senior notes and paying shareholders $25M plus CVRs.