Aion Therapeutic reports delay in filing 2024 annual accounts Page 1

Toronto, Ontario–(Newsfile Corp. – August 14, 2024) – Aion Therapeutic Inc. (CSE: AION) (“Aion Therapeutic” or the “Company“) today announced that the Company has filed its annual audited consolidated financial statements for the fiscal year ended April 30, 2024, the related annual management discussion and analysis, and the related CEO and CFO certifications (collectively, the “Financial Disclosure 2024“) no later than August 28, 2024 (the “Deadline for submission“) in accordance with the requirements of National Instrument 51-102 –
Continuous disclosure obligations (“NI-51-102“) and National Instrument 52-109 – Certification of disclosure in the issuer’s annual and interim filingsif applicable.

On December 15, 2023 (the “Date of purchase“), the Company completed the acquisition of Toppen Health, Inc. (“Topping“), a limited liability company organized under the laws of the State of Wisconsin. As a result of this recent acquisition, the Company’s independent auditor requires (i) a valuation of Toppen as of the acquisition date; (ii) a valuation of Toppen as of April 30, 2024; and (iii) an impairment test of the Company’s intangible assets and goodwill as of April 30, 2024. The Company’s management has worked diligently to provide the necessary valuations and impairment tests to its independent auditor. This process, which has taken a significant amount of time, is required in order for the independent auditor to complete its audit report for the year ended April 30, 2024, as part of the 2024 financial disclosure. As a result, the Company requires additional time to finalize and complete the 2024 financial disclosure.

The Company expects to complete and file its 2024 financial disclosure as soon as possible and, in any event, expects to file its 2024 financial disclosure before the end of September 2024.

Therefore, the company has filed a request to cease management activities (“MCTO“) effective August 14, 2024, which prohibits the Company’s management from directly or indirectly trading in the Company’s securities (except as otherwise authorized by applicable securities regulators), which will remain in effect until the documentation referred to above has been filed, in accordance with the provisions of National Policy 12-203 – Management Termination of trading orders (“NP-12-203“). Until the Company’s 2024 financial disclosure is filed, the Company intends to comply with the provisions of the Alternative Information Guidelines set forth in NP-12-203. In addition, the Company’s directors and officers will remain subject to a trading prohibition, pursuant to which such persons are prohibited from trading in the Company’s securities until the end of the second full trading day following the day on which the Company’s 2024 financial disclosure is filed on SEDAR and a corresponding new press release is issued by the Company.