UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.02 | Termination of a Material Definitive Agreement. |
On July 26, 2022, Direct Digital Holdings, Inc. (the “Company”) terminated its Credit Agreement, dated as of September 30, 2020 (as amended, the “Credit Agreement”), by and among the Company, Colossus Media, LLC, Huddled Masses LLC, Orange142, LLC, Universal Standards for Digital Marketing, LLC, and East West Bank (“EWB”), after having repaid in full all indebtedness under the Credit Agreement. The Company’s payment to EWB was approximately $403,696.28, inclusive of principal, interest and fees, which satisfied all of the Company’s outstanding debt obligations under the Credit Agreement. The Company did not incur any prepayment fees or penalties as a result of the foregoing transactions. Simultaneous with the termination of the Credit Agreement, the Company also terminated the related (i) Revolving Credit Note, dated as of September 30, 2020, by and among the Company, Colossus Media, LLC, Huddled Masses, LLC, Orange142, LLC, Universal Standards for Digital Marketing, LLC and EWB and (ii) Preferred Equity Subordination Agreement, entered into as of September 30, 2020, among EWB, USDM Holdings, Inc. and the Company. The material terms of the Credit Agreement are described in the Company’s Form 10-Q filed with the Securities and Exchange Commission on August 15, 2022.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| November 3, 2022 (Date) |
Direct Digital Holdings, Inc. (Registrant) |
| /s/ Susan Echard | |
| Susan Echard | |
| Chief Financial Officer and Corporate Secretary |