---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-057755"
form_type: "8-K"
ticker: "DRCT"
cik: "0001880613"
company_name: "Direct Digital Holdings, Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T10:25:46.309369+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.15
calibrated_materiality_score: 0.15
confidence: "high"
source: SEC EDGAR
---

# Direct Digital terminates SVB credit facility; no loans outstanding

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-057755
- form_type: 8-K
- ticker: DRCT
- cik: 0001880613
- company_name: Direct Digital Holdings, Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.15
- calibrated_materiality_score: 0.15
- confidence: high
- sec_items: 1.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1880613/000110465923057755/0001104659-23-057755-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1880613/000110465923057755/tm2315042d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-057755
- JSON: https://secwatch.observer/filing/0001104659-23-057755.json
- Plain text: https://secwatch.observer/filing/0001104659-23-057755.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000110465923057755/0001104659-23-057755-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.