Direct Digital ups equity facility to $100M; amends credit to allow preferred-to-common exchange

Direct Digital Holdings, Inc.

Increased equity facility with New Circle from $20M to $100M; $50k fee per $5M drawn plus 100,000-share upsize fee.
Tenth Amendment enables $35M of Series A Preferred to be exchanged into Class A Common at 20-day VWAP; exit fee of $35M due when preferred is gone, reduced by redemptions.
Proceeds from equity sales expected to reduce debt and fund working capital; company acknowledges substantial doubt about going concern.
Credit parties agreed to pay $35M exit fee on preferred, waived if fully redeemed by Dec 31, 2026.

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