---
schema_version: "secwatch.filing_event.v1"
accession: "0001880613-26-000050"
form_type: "8-K"
ticker: "DRCT"
cik: "0001880613"
company_name: "Direct Digital Holdings, Inc."
filed_at: "2026-04-28T23:59:59+00:00"
generated_at: "2026-05-15T03:14:44.993561+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# DRCT enters $50M equity line with Roth, terminates New Circle ELOC, receives Nasdaq delisting notice

## Summary
- Entered Common Stock Purchase Agreement with Roth Principal Investments LLC to sell up to $50M of Class A common stock at a fixed 8% discount to VWAP.
- Terminated the prior $100M equity line of credit with New Circle Principal Investments LLC effective April 23, 2026.
- Received Additional Staff Delisting Determination from Nasdaq for non-compliance with Bid Price Rule (minimum $1.00) on April 23, 2026; hearing scheduled May 12.
- Effected a 4-for-1 reverse stock split of Class A and Class B common stock effective April 27, 2026.
- Paid Roth $25,000 structuring fee and agreed to reimburse up to $75,000 in legal fees plus $7,500 per quarter for due diligence.

## SEC filing metadata
- accession: 0001880613-26-000050
- form_type: 8-K
- ticker: DRCT
- cik: 0001880613
- company_name: Direct Digital Holdings, Inc.
- filed_at: 2026-04-28T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 1.02, 3.01, 3.03, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1880613/000188061326000050/0001880613-26-000050-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1880613/000188061326000050/drct-20260423.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001880613-26-000050
- JSON: https://secwatch.observer/filing/0001880613-26-000050.json
- Plain text: https://secwatch.observer/filing/0001880613-26-000050.txt

## Source-grounded claims
- claim_id: 7cc7c30017cc68cdeeb67be1608f7e2f914b8c7a
  claim: Direct Digital Holdings, Inc. received a nasdaq delisting notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A), 5815(d)(4)(A)).
  evidence_excerpt: April 23, 2026, the Company received an Additional Staff Delisting Determination Letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq ”), notifying the Company that it is not in comp
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000188061326000050/0001880613-26-000050-index.htm
- claim_id: 893d105133c399e41ced32c706741f493667fa1a
  claim: Direct Digital Holdings, Inc. received a nasdaq delisting notice notice regarding stockholders equity (rules 5550(b)(1)).
  evidence_excerpt: April 2, 2026, notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “ Stockholders’ Equity Rule ”). In response thereto, the Company requested and was granted a hearing before the N
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000188061326000050/0001880613-26-000050-index.htm
- claim_id: 6cd7051078b42bce28ea93782b5b1ce2b72a5bb7
  claim: Direct Digital Holdings, Inc.: Effected a 4-to-1 reverse stock split via Certificate of Amendment to Amended and Restated Certificate of Incorporation (effective 2026-04-27).
  evidence_excerpt: On April 23, 2026, the Company filed a Certificate of Amendment (the “ Amendment ”) to its Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 4-to-1 reverse stock split (the “ Reverse Stock Split ”) of the Company’s shares of Class A Common Stock and Class B common stock, $0.001 par value.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000188061326000050/0001880613-26-000050-index.htm
- claim_id: d63aeb40be51fcba3b429b5f9de682ecdb860142
  claim: Direct Digital Holdings, Inc. entered into Common Stock Purchase Agreement with Roth Principal Investments, LLC valued at $50,000,000 (effective 2026-04-28).
  evidence_excerpt: On April 28, 2026, Direct Digital Holdings, Inc. (the “ Company ”) entered into a Common Stock Purchase Agreement (the “ Purchase Agreement ”) and a related Registration Rights Agreement (the “ Registration Rights Agreement ”), each dated as of April 28, 2026, with Roth Principal Investments, LLC (“ Roth Principal Investments ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000188061326000050/0001880613-26-000050-index.htm

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