Orion Properties shares surge 19.65% after-hours after announcing strategic options review and cooperation agreement with Kawa Fund.

Orion Properties Inc. (ONL) jumped 19.65% in after-hours trading following its announcement of a strategic options review process and a cooperation agreement with The Kawa Fund. The board outlined a formal evaluation of potential strategic alternatives, including acquisitions, mergers, or a potential sale, while emphasizing a commitment to maximizing shareholder value. The cooperation agreement resolved prior tensions by having Kawa withdraw its proposal to nominate five directors to Orion’s board and agree to standstill terms, allowing Kawa to participate in the strategic review on equal footing with other third parties. This development signals a collaborative path forward, addressing governance concerns and opening avenues for value-enhancing transactions, which likely spurred investor optimism in the after-hours session.