secwatch.observer — SEC 8-K summary
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Issuer:     Yext, Inc. (YEXT)
CIK:        0001614178
Form:       8-K
Filed at:   2024-06-04T23:59:59+00:00
Accession:  0001614178-24-000046
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Yext cuts ~12% of workforce, expects $5M restructuring charge in Q2 FY25
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- Workforce reduction of ~12% of full-time employees vs Jan 31, 2024 headcount.
- Incremental restructuring cash charge of ~$5M (severance, benefits); majority in Q2 FY25.
- Yvette Martinez-Rea named COO; Tzi-Kei Wong (CPO) departs; Chris Brownlee to lead Product.
- CEO cites need to reduce costs amid macro headwinds; company has no debt and healthy cash.
- Implementation substantially complete by end of Q2 FY25, subject to jurisdictional legal reqs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1614178/000161417824000046/0001614178-24-000046-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1614178/000161417824000046/yext-20240604.htm
  HTML page:      https://secwatch.observer/filing/0001614178-24-000046

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer