Direct Digital terminates SVB credit facility; no loans outstanding

Direct Digital Holdings, Inc.

Terminated Loan and Security Agreement with Silicon Valley Bank effective April 20, 2023.
Original credit facility was $5M revolving, with incremental $2.5M option; no amounts were ever drawn.
Termination followed SVB's closure by California DFPI and FDIC receivership in March 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Direct Digital Holdings, Inc. terminated Loan Agreement with Silicon Valley Bank valued at $5 million (effective 2023-04-20).

Action: termination
Agreement: credit facility
Counterparty: Silicon Valley Bank
Value: $5 million
Effective: 2023-04-20

Exact text from the filing

On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (“SVB”) and appointed the Federal Deposit Insurance Corporation as receiver. In light of this development, Direct Digital Holdings, Inc. (the “Company”) exercised its right to terminate the Loan and Security Agreement, dated as of January 9, 2023 (as amended, the “Loan Agreement”), by and among the Company, Direct Digital Holdings, LLC, Colossus Media, LLC, Huddled Masses LLC, Orange142, LLC, and SVB, by issuing a notice of termination in March 2023, as previously reported.

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Source: SEC EDGAR

accession 0001104659-23-057755

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