Orion Properties shares surge 21.89% after-hours as company initiates strategic options review to maximize shareholder value.

Orion Properties Inc. surged 21.89% in after-hours trading following the announcement of a strategic options review process and a cooperation agreement with The Kawa Fund Limited. The review, aimed at evaluating potential acquisitions, mergers, or a sale, signals the board’s commitment to maximizing shareholder value. The cooperation agreement allows Kawa to participate in the process on terms equivalent to third parties, while Kawa agreed to withdraw its board nomination proposal and adopt standstill commitments. The move, supported by financial advisors Wells Fargo and J.P. Morgan, underscores renewed investor interest in exploring strategic alternatives to enhance the company’s standalone value proposition. The announcement aligns with market optimism over potential capital-structure optimization or transaction-driven upside.