(Reuters) -Yext’s CEO Michael Walrath has proposed taking the search optimization company private in a deal valued at about $1.1 billion, it said on Monday, sending shares up 9% in early trading.

Walrath, who owns 2.8% of the company’s shares according to data compiled by LSEG, offered $9.00 per share in cash for the stock he does not already own — a premium of 11.2% to Friday’s closing price.

Walrath indicated that the proposal is backed by reputable and well-capitalized financing sources, the company said. It did not disclose the names of the funding sources.

Yext’s board has formed a special committee to evaluate the proposal and any strategic alternatives. There is no assurance the proposal will result in a transaction, the company said.

The New York-based company also said it is w

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