Yext, Inc. (YEXT), a brand visibility platform, on Monday announced that Chief Executive Officer and Chairman Michael Walrath has proposed to acquire all outstanding shares of the company not already owned by Walrath for $9.00 per share in cash.
Shares of Yext are increasing by around 8% in the pre-market trading.
Walrath said the proposal is non-binding and supported by well-capitalised financing sources.
In the proposal, Walrath reaffirmed his commitment to the company, its employees, and stockholders, while expressing openness to engage with other qualified bidders and support a full process should superior proposals emerge.
The company's Board of Directors has established a Special Committee of independent directors to evaluate the proposal.
Further, the company said it will release fiscal second-quarter results in early September and expects results for the quarter ended July 31 to be within or above its previously stated guidance.
In view of the buyout proposal announced today, the company will not hold an earnings call and has withdrawn its full-year fiscal 2026 guidance issued on June 3.
In the pre-market trading, Yext is 8.65% higher at $8.79 on the New York Stock Exchange.
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