StoneMor Inc. Commences Go-Shop Process in Accordance with Merger Agreement

BENSALEM, Pa., June 03, 2022 (GLOBE NEWSWIRE) -- StoneMor Inc. (NYSE:STON) (“StoneMor” or the “Company”). As previously reported, on May 24, 2022, StoneMor Inc., a Delaware corporation (“StoneMor” or the “Company”), Axar Cemetery Parent Corp (“Parent”), a Delaware corporation and an affiliate of Axar Capital Management, LP (“Axar”), and Axar Cemetery Merger Corp., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which, and subject to the conditions described therein, Merger Sub will be merged with and into the Company (the “Merger”) with the Company surviving the Merger and becoming a wholly-owned subsidiary of Parent as a result of the Merger. Axar currently owns approximately 75% of the outstanding shares of StoneMor common stock.