- Yext ( NYSE: YEXT ) on Tuesday announced a cooperation deal with Lead Edge Capital, which disclosed 9.3% stake in the online brand management firm.
- Shares of YEXT, which ended 7.5% higher on Tuesday, gained 4.2% after the bell.
- YEXT appointed Lead Edge partner Evan Skorpen as an independent director, effective immediately.
- The cooperation deal also provides for certain standstill provisions that restricts Lead Edge and its affiliates from raising its stake in YEXT to over 15%.
- The standstill provisions expire when YEXT elects a new slate of class I directors or on the two-year anniversary of the cooperation deal.
- The deal also requires Skorpen to resign if Lead Edge and its affiliates own less than 7% of YEXT's voting securities.
For further details see:
Lead Edge discloses 9.3% stake in Yext