STON - STON STOCK NEWS

StoneMor Inc. has finalized a definitive agreement to sell its Oregon and Washington locations to Clearstone Memorial Partners for $6.2 million. This deal includes multiple funeral homes and cemeteries across both states. The transaction is expected to close by December 31, 2020, pending due diligence and regulatory approvals. Additionally, StoneMor has completed the sale of its California locations for $7.1 million. Following these divestitures, StoneMor aims to optimize its operational efficiency and plans to use proceeds to redeem part of its Senior Secured PIK Toggle Notes, enhancing its balance sheet.

StoneMor Inc. (NYSE: STON) announced it will release its third quarter financial results for 2020 on November 12, 2020, after market close. A conference call is scheduled for the same day at 4:30 p.m. Eastern Time to discuss the results. The call can be accessed by phone or through a live webcast on StoneMor's website. StoneMor operates 318 cemeteries and 88 funeral homes across the U.S. and Puerto Rico, offering a range of pre-need and at-need cemetery products and services.

StoneMor Inc. (NYSE: STON) announced that Axar Capital Management has withdrawn its acquisition proposal, as no agreement was reached regarding the company's valuation. The company also revealed plans for a reverse stock split at a 1-for-10 ratio to avoid NYSE delisting. Additionally, the Board proposed declassifying the Board for annual elections. Lastly, Kevin D. Patrick was elected to the Board, bringing extensive financial management experience. These strategic moves aim to enhance corporate governance and support the company's turnaround efforts.

StoneMor reported financial results for Q2 2020, posting revenues of $70.7 million, down from $78.5 million in Q2 2019. Year-to-date revenues decreased to $142.0 million from $150.0 million. The cemetery segment saw an increase in operating income to $7.4 million, a rise of $2.6 million, while the funeral home segment’s income fell to $1.4 million. The company reported a net loss of $3.9 million, significantly improved from a net loss of $34.4 million a year earlier. Cash reserves stood at $63.6 million with total debt of $323.3 million.

StoneMor Inc. (NYSE: STON) announced that its Special Committee has received an amended acquisition proposal from Axar Capital Management to buy out all shares not owned by Axar for $0.80 per share in cash. This represents a 27% premium compared to the stock's closing price before the initial proposal. Axar currently holds around 62% of StoneMor's shares. The Special Committee is reviewing this proposal with their advisors. No assurance exists that an agreement will be reached or that the transaction will be completed.

StoneMor Inc. (NYSE: STON) announced its 2020 Annual Meeting of Stockholders will take place on November 5, 2020, at 4:00 p.m. via remote communication. The record date for eligible stockholders is September 14, 2020. This meeting comes after the company did not hold an annual meeting in 2019. Proposals for inclusion in the proxy statement must be received by August 10, 2020. The bylaws require stockholders to submit nominations or proposals by the same deadline to ensure proper consideration.

StoneMor Inc. (NYSE: STON) announced it will release its 2020 Q2 financial results on August 13, 2020, after market close, followed by a conference call at 4:30 PM ET. StoneMor operates 318 cemeteries and 88 funeral homes across the U.S. and Puerto Rico. The announcement underscores the company's commitment to transparency, especially amid ongoing pandemic-related disruptions. Stakeholders are encouraged to participate via a conference call or a live webcast for detailed insights on financial performance and future outlook.

StoneMor Inc. (NYSE: STON) announced on June 16, 2020, that its Special Committee has reviewed an unsolicited acquisition proposal from Axar Capital Management, offering $0.67 per share for outstanding shares not owned by Axar. The Special Committee deemed the offer inadequate but expressed willingness for further discussions. No assurance was given on the likelihood of a revised proposal or transaction approval. StoneMor operates 319 cemeteries and 88 funeral homes across the U.S. and Puerto Rico, providing various burial products and services.

StoneMor Inc. (NYSE: STON) has commenced an exchange offer for its outstanding 9.875%/11.500% Senior Secured PIK Toggle Notes due 2024, allowing holders to exchange these for newly registered notes with identical terms, but without transfer restrictions. The exchange offer initiated on June 9, 2020, expires on July 8, 2020. This action fulfills obligations under a prior registration rights agreement and will not result in any proceeds for StoneMor. The exchange is detailed in a prospectus dated June 4, 2020.