{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-001345","form_type":"8-K","ticker":"DRCT","cik":"0001880613","company_name":"Direct Digital Holdings, Inc.","filed_at":"2025-01-13T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.465208+00:00","generated_at":"2026-05-28T03:57:26.272969+00:00","sec_items":["3.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Direct Digital Holdings sells 800K shares of Class A common for ~$1.1M in unregistered deals","bullets":["Dec 31, 2024 – Jan 6, 2025: sold 400K shares to New Circle for $620,371 cash (after $25,849 discount).","Jan 6–7, 2025: sold additional 400K shares to New Circle for $488,145 cash (after $20,335 discount).","Each tranche exceeded 5% of outstanding shares, triggering Item 3.02 disclosure.","Shares issued under Equity Reserve Facility; relied on Section 4(a)(2) exemption for accredited investor."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-001345","json":"https://secwatch.observer/filing/0001628280-25-001345.json","markdown":"https://secwatch.observer/filing/0001628280-25-001345.md","text":"https://secwatch.observer/filing/0001628280-25-001345.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1880613/000162828025001345/0001628280-25-001345-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1880613/000162828025001345/drct-20250106.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-28T03:57:26.272969+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}