Aion Therapeutic Announces Grant of Management Cease-and-Desist Order Page 1

Toronto, Ontario–(Newsfile Corp. – August 29, 2024) – Aion Therapeutic Inc. (CSE: AION) (“Aion Therapeutic” or the “Company“) today announced that, further to the publication on August 14, 2024 regarding its application to the British Columbia Securities Commission (the “BCSC“) for a cease and desist order by management (the “MCTO“), that the BCSC has granted the MCTO, pursuant to which the Company has until October 28, 2024 to file 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“).

On December 15, 2023 (the “Date of purchase“), the Company completed the acquisition of Toppen Health, Inc. (“Toppings“), 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 is working diligently to complete its 2024 financial disclosure, with the goal of completing its 2024 financial disclosure as soon as possible, and in any event on or before October 28, 2024, in accordance with the terms of the MCTO.

The Company is providing this standard announcement in accordance with National Policy 12-203 Management orders to cease trading (“NP-12-203“). The MCTO will prohibit the chief executive officer and chief financial officer of the Company from trading in the Company’s securities until the 2024 financial disclosure has been filed. The issuance of the MCTO will not affect the ability of persons other than the chief executive officer and chief financial officer of the Company to trade in the Company’s securities.