SRG - Seritage Growth Properties surges on filing prelim proxy materials for Plan of Sale

• Seritage Growth Properties ( NYSE: SRG ) skyrocketed 65.6% higher premarket after it filed its preliminary proxy materials with the U.S. SEC related to its 2022 Annual Meeting of Shareholders.
• The Seritage board recommends that its shareholders vote at the Annual Meeting to approve a proposed plan of sale of Seritage's assets and dissolution enabling the company to sell Seritage's assets and dissolution and distribute the net proceeds to shareholders and dissolve the company.
• The affirmative vote of at least two-thirds of all outstanding common shares is required to approve the Plan of Sale.
• The strategic review process remains ongoing and the company remains open-minded to pursuing the right value maximizing alternatives, including a potential sale.
• The company also appointed Adam Metz as Chairman of the Seritage Board of Trustees.

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