Aion Therapeutic Provides Notice of Default

Aion Therapeutic Inc. (CSE: AION) (" Aion Therapeutic " or the " Company ") announces that it anticipates being late in filing its audited annual financial statements (the " Annual Financial Statements ") and related management discussion and analysis (" MD&A ") for the year ended April 30, 2021 by the prescribed deadline of August 30, 2021 and its interim financial statements (the " Interim Financial Statements ") and related MD&A for the interim period ended July 31, 2021 by the prescribed deadline of September 29, 2021 .

During the year ended April 30, 2021 , the Company completed the acquisition of 1196691 B .C. Ltd. d/b/a PCAI Pharma. As a result of this acquisition, the Company is delayed in providing its independent auditors with the necessary valuations and impairment testing required to gain reasonable comfort to complete and file the Annual Financial Statements and MD&A.

The Company has made an application with the applicable securities regulators under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (" NP 12-203 ") requesting that a management cease trade order be imposed in respect of the anticipated late filing rather than an issuer cease trade order. The issuance of a management cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.

The Company anticipates that it will in a position to prepare and file the Annual Financial Statements and related MD&A on or prior to September 29, 2021 , and prepare and file the Interim Financial Statements and related MD&A on or prior to October 29, 2021 .

The Company 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 filing requirements to file the Financial Statements, the Interim Financial Statements and related MD&A within the prescribed period of time. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About Aion Therapeutic Inc.

Aion Therapeutic Inc. through its wholly-owned subsidiary, AI Pharmaceuticals Jamaica Limited, is in the business of research and development, treatment, data mining and state-of-the-art artificial intelligence (machine learning) techniques, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi (edible mushroom), natural psychedelic formulations (Ayahuasca), and other medicinal plants in a legal environment for this type of discovery. In addition, Aion Therapeutic is creating a strong international intellectual property portfolio related to its discoveries.

DISCLAIMER & READER ADVISORY

Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.

SOURCE Aion Therapeutic Inc.

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