{"schema_version":"secwatch.filing_event.v1","accession":"0001880613-25-000129","form_type":"8-K","ticker":"DRCT","cik":"0001880613","company_name":"Direct Digital Holdings, Inc.","filed_at":"2025-10-30T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.969779+00:00","generated_at":"2026-05-17T01:25:35.576948+00:00","sec_items":["1.01","3.02","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Direct Digital ups equity facility to $100M; amends credit to allow preferred-to-common exchange","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001880613-25-000129","json":"https://secwatch.observer/filing/0001880613-25-000129.json","markdown":"https://secwatch.observer/filing/0001880613-25-000129.md","text":"https://secwatch.observer/filing/0001880613-25-000129.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1880613/000188061325000129/0001880613-25-000129-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1880613/000188061325000129/drct-20251024.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T01:25:35.576948+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"}