---
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"
generated_at: "2026-05-21T18:38:22.356478+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Direct Digital Holdings sells 2.3M shares for $1.39M under equity facility to New Circle

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-025197
- JSON: https://secwatch.observer/filing/0001628280-25-025197.json
- Plain text: https://secwatch.observer/filing/0001628280-25-025197.txt

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