The death of Judge Sheila Abdus-Salaam, the first black woman appointed to the state's highest court, is not being investigated as a crime. Inadvertently omitted from the state budget is a major requirement for businesses participating in the Start-Up NY tax-break program.
It faces real challenges in appealing to smaller businesses and Yext's business model is threatened by growing Internet consolidation. Investors may consider going long with Yext when the price inevitably dips, but more cautious investors should pass and wait for better opportunities.
The company, which began trading on the New York Stock Exchange under the symbol "YEXT" ticked up about 25%, or $2.76 per share, to $13.83 per share. The company priced 10.5 million shares at $11 per share , and had a market cap of around $1.3 billion.
Yext, Inc. has granted the underwriters a 30-day option to purchase up to an additional 1,575,000 shares of common stock to cover over-allotments, if any. Morgan Stanley, J.P. Morgan and RBC Capital Markets are acting as the bookrunners for the offering.
The New York tech startup, which helps businesses ensure the accuracy of locations and other data across digital platforms, is expected to begin trading Thursday morning on the New York Stock Exchange under the ticker symbol YEXT. Founded in 2006, Yext disclosed in IPO filings that it had a net loss of $43.2 million on revenue of $124.3 million in its most recent fiscal year, which ended Jan. 31. Both sales and losses increased from the prior year, when the company reported a net loss of $26.5 million on revenue of $89.7 million.
Yext Inc. filed an S-1/A with the Securities and Exchange Commission for its upcoming IPO. The company is expected to make its market debut on Thursday, April 13, and will be offering 10.5 million shares at a marketed price range of $8-10.
The technology bubble may have burst more than 15 years ago, but large law firms are still taking equity stakes in startup companies that they help bring to market. When Cooley took the lead last month on an initial public offering for Snap Inc. valuing the ephemeral messaging service at $33 billion, documents filed with the U.S. Securities and Exchange Commission showed that the firm owned shares in the company worth $11.7 million.