---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-037230"
form_type: "8-K"
ticker: "DRCT"
cik: "0001880613"
company_name: "Direct Digital Holdings, Inc."
filed_at: "2026-05-21T20:04:28+00:00"
generated_at: "2026-05-21T22:29:02.073266+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Direct Digital Holdings amends loan, waives covenant breaches; consolidates segments

## Summary
- Term loan amendment: $14.8M outstanding, $0.1M fee, new min. EBITDA covenant $200k for Q2 2026; waives Q1 2026 covenant breaches and April 2026 interest nonpayment.
- Roth Principal Investments to reimburse 0.6% of VWAP for each equity draw under committed equity facility (April 28, 2026 agreement).
- Reportable segments consolidated from two (buy-side, sell-side) to one (digital marketing) effective Q1 2026; prior periods recast.
- 4-to-1 reverse stock split of Class A and B common stock effected on April 27, 2026; all prior share and per-share data recast.
- Recast audited financial statements for FY2025 and FY2024 filed reflecting segment change and reverse split.

## SEC filing metadata
- accession: 0001628280-26-037230
- form_type: 8-K
- ticker: DRCT
- cik: 0001880613
- company_name: Direct Digital Holdings, Inc.
- filed_at: 2026-05-21T20:04:28+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1880613/000162828026037230/0001628280-26-037230-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1880613/000162828026037230/drct-20260515.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-037230
- JSON: https://secwatch.observer/filing/0001628280-26-037230.json
- Plain text: https://secwatch.observer/filing/0001628280-26-037230.txt

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