StoneMor Inc. Addresses NYSE Listing Standards
April 20 2020 - 5:21PM
StoneMor Inc. (NYSE: STON) (“StoneMor” or the
“Company”), a leading owner and operator of cemeteries and
funeral homes, announced today that it received notification from
the New York Stock Exchange ("NYSE") on April 14, 2020 that the
Company is no longer in compliance with the NYSE continued listing
criteria that requires listed companies to maintain an average
closing share price of at least $1.00 over a consecutive 30
trading-day period. The Company is in compliance with all other
NYSE continued listing standard rules.
The NYSE notification does not affect StoneMor’s
business operations or its Securities and Exchange Commission
reporting requirements, nor does it conflict with or cause an event
of default under the Company’s indenture agreement.
Under NYSE’s rules, the Company has a period of
six months from receipt of the notice to regain compliance with the
NYSE’s minimum share price requirement. The Company’s common stock
will continue to be listed and trade on the NYSE during this
period, subject to the Company’s compliance with other NYSE
continued listing requirements. The Company intends to regain
compliance with the NYSE’s listing standards, and as required by
the NYSE, the Company intends to respond to the NYSE within ten
business days with respect to its intent to cure the
deficiency.
About StoneMor Inc.
StoneMor Inc., headquartered in Trevose,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 320 cemeteries and 90 funeral
homes in 27 states and Puerto Rico.
StoneMor’s cemetery products and services, which
are sold on both a pre-need (before death) and at-need (at death)
basis, include: burial lots, lawn and mausoleum crypts, burial
vaults, caskets, memorials, and all services which provide for the
installation of this merchandise. For additional information about
StoneMor Inc. please visit StoneMor’s website, and the investors
section, at http://www.stonemor.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements contained in this press
release, including, but not limited to, information regarding the
Company’s communications with the NYSE and actions it may take to
cure the non-compliance with the NYSE minimum share price
requirement, are forward-looking statements. Generally, the words
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “project,” “expect,” “predict” and similar expressions
identify these forward-looking statements. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements are based on
management’s current expectations and estimates. These statements
are neither promises nor guarantees and are made subject to certain
risks and uncertainties that could cause actual results to differ
materially from the results stated or implied in this press
release. StoneMor’s major risks are related to uncertainties
associated with current business and economic disruptions resulting
from the recent coronavirus pandemic, including the effect of
government regulations issued in connection therewith,
uncertainties regarding whether the Company’s common stock will
trade at prices that exceed the NYSE minimum share requirement and
the related risk that the NYSE could initiate proceedings to delist
the common stock from trading on the NYSE, the Company’s ability to
identify, and negotiate acceptable agreements with, purchasers of
additional properties, uncertainties associated with the cash flow
from pre-need and at-need sales, trusts and
financings, which may impact StoneMor’s ability to meet its
financial projections and service its debt, as well as with
StoneMor’s ability to maintain an effective system of internal
control over financial reporting and disclosure controls and
procedures.
When considering forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements set forth in StoneMor’s Annual Report on
Form 10-K and Quarterly Reports on
Form 10-Q and the other reports that StoneMor files with
the Securities and Exchange Commission, from time to time. Except
as required under applicable law, StoneMor assumes no obligation to
update or revise any forward-looking statements made herein or any
other forward-looking statements made by it, whether as a result of
new information, future events or otherwise.
CONTACTInvestor RelationsStoneMor Inc.(215)
826-4438
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