Yext, Inc. shares rise 11.68% intraday after CEO Michael Walrath submits a non-binding acquisition proposal.

Yext, Inc. rose 11.68% intraday, with the company's CEO, Michael Walrath, submitting a non-binding acquisition proposal to acquire the remaining majority stake in Yext, Inc. at $9.00 per share in cash. Walrath indicated that the proposal is backed by reputable and well-capitalized financing sources, subject to customary confirmatory diligence. The transaction is subject to the consummation of due diligence investigation and definitive agreement.