(RTTNews) - Yext, Inc. (YEXT), a brand visibility platform, on Monday announced that Chief Executive Officer and Chairman Michael Walrath has withdrawn his previously announced proposal to acquire all outstanding shares not already owned by him for $9 per share in cash.
The self-tender offer is expected to commence in February 2026 and may be funded in part through debt financing.
The company said Walrath informed the board that he was unable to secure the necessary financing at the proposed price.
Walrath reaffirmed the commitment to continue the company as chief executive officer, and the board said it remains confident in his leadership.
Following the withdrawal of the proposal, the company said a special committee of independent directors has approved a $150 million Dutch auction self-tender offer for the company's common stock.
In the pre-market trading, Yext is 22.01% lesser at $5.60 on the New York Stock Exchange.
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