SP Plus Corporation

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Ademi LLP is investigating SP Plus (Nasdaq: SP) for possible breaches of fiduciary duty and other violations of law in its transaction with Metropolis.

In the transaction, SP Plus stockholders are expected to receive only $54.00 for each share of SP Plus common stock owned. The transaction agreement unreasonably limits competing transactions for SP Plus by imposing a significant penalty if SP Plus accepts a competing bid. SP Plus insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of SP Plus’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.