{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-025197","form_type":"8-K","ticker":"DRCT","cik":"0001880613","company_name":"Direct Digital Holdings, Inc.","filed_at":"2025-05-13T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.359258+00:00","generated_at":"2026-05-21T18:38:22.356478+00:00","sec_items":["3.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Direct Digital Holdings sells 2.3M shares for $1.39M under equity facility to New Circle","bullets":["Since April 8 through May 13, 2025, sold 2,300,000 Class A shares at aggregate $1,387,015 cash after $57,795 discount.","Shares sold to New Circle Principal Investments LLC under previously disclosed Equity Reserve Facility and Purchase Agreement.","Sale triggered disclosure because aggregate shares exceeded 5% of outstanding Class A common stock as of April 8, 2025.","Issuance relied on Section 4(a)(2) exemption; New Circle represented as accredited investor.","Transaction is dilutive to existing shareholders with no stated use of proceeds."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-025197","json":"https://secwatch.observer/filing/0001628280-25-025197.json","markdown":"https://secwatch.observer/filing/0001628280-25-025197.md","text":"https://secwatch.observer/filing/0001628280-25-025197.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1880613/000162828025025197/0001628280-25-025197-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1880613/000162828025025197/drct-20250507.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-21T18:38:22.356478+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"}