08:40 AM EDT, 08/18/2025 (MT Newswires) -- Yext ( YEXT ) said Monday that Chief Executive Michael Walrath has submitted a non-binding proposal to acquire all outstanding company shares he doesn't already own at a price of $9 per share in cash.

The company said Walrath has indicated that "reputable and well-capitalized financing sources" support his proposal, subject to confirmatory diligence.

Yext ( YEXT ) added that its CEO is also open to working with other qualified bidders and to supporting a full process and any superior proposals.

The company said its board has formed a special committee of independent directors to assess the proposal, in light of which Yext ( YEXT ) is withdrawing its outlook for the remainder of the full fiscal year 2026.

Yext ( YEXT ) shares were up over 8% in recent premarket activity.