{"schema_version":"secwatch.filing_event.v1","accession":"0001880613-25-000153","form_type":"8-K","ticker":"DRCT","cik":"0001880613","company_name":"Direct Digital Holdings, Inc.","filed_at":"2025-12-05T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.970734+00:00","generated_at":"2026-05-16T14:19:56.247656+00:00","sec_items":["3.02"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Direct Digital Holdings sells 12.6M shares unregistered for $1.32M to New Circle","bullets":["Sold 12,600,000 Class A common shares to New Circle Principal Investments LLC since Sept 30, 2025, for $1,324,380 cash.","Sales exceed 5% of shares outstanding as of Sept 30, 2025, triggering 8-K filing.","Shares issued under pre-existing Equity Reserve Facility; New Circle is accredited investor.","Exemption from registration under Section 4(a)(2) of Securities Act."],"urls":{"canonical":"https://secwatch.observer/filing/0001880613-25-000153","json":"https://secwatch.observer/filing/0001880613-25-000153.json","markdown":"https://secwatch.observer/filing/0001880613-25-000153.md","text":"https://secwatch.observer/filing/0001880613-25-000153.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1880613/000188061325000153/0001880613-25-000153-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1880613/000188061325000153/drct-20251201.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T14:19:56.247656+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":[{"claim_id":"2358defa6c4836078ba383904a74820a242eae47","claim":"Direct Digital Holdings, Inc. issued 12,600,000 shares of common stock to New Circle Principal Investments LLC for $1,324,380 in cash consideration.","evidence_excerpt":"the Company sold 12,600,000 shares of its Class A Common Stock, par value $0.001 per share (the “ Class A Common Stock ”) for an aggregate of $1,324,380 in cash consideration","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1880613/000188061325000153/0001880613-25-000153-index.htm","confidence":0.9,"family_label":"Equity Issuances","details":[{"label":"Security","value":"common stock"},{"label":"Shares","value":"12,600,000 shares"},{"label":"Purchaser","value":"New Circle Principal Investments LLC"},{"label":"Consideration","value":"$1,324,380 in cash consideration"}],"fact_type":"equity_issuance"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}