Business
Direct Digital Holdings Announces New $5 Million Revolving Credit Facility with East West Bank
HOUSTON, July 13, 2023 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct Digital Holdings" or the "Company"), a leading advertising and
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"HOUSTON, July 13, 2023 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) (\"Direct Digital Holdings\" or the \"Company\"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC (\"Colossus SSP\"), Huddled Masses LLC (\"Huddled Masses\") and Orange142, LLC (\"Orange142\"), is pleased to announce it has entered into a $5 million revolving credit facility (the \"Credit Facility\") with East West Bank.\nIn addition to the principal amount of up to $5 million, the Company has access to up to an additional $5 million uncommitted incremental revolving facility, which may increase the aggregate principal amount of the credit facility to $10 million. Loans under the Credit Facility mature on July 7, 2025, unless the Credit Facility is otherwise terminated pursuant to its terms.\nMark D. Walker, Chairman & Chief Executive Officer of Direct Digital Holdings, commented, \"We are excited to begin our relationship with East West Bank and are appreciative of the financial flexibility and liquidity that this partnership provides. We look forward to continuing to invest in and grow our businesses through this new source of non-dilutive capital.\"\nFor more information, please view our Form 8-K filed with the Securities and Exchange Commission at www.sec.gov.\nAbout Direct Digital Holdings\nDirect Digital Holdings (Nasdaq: DRCT), owner of operating companies Colossus SSP, Huddled Masses, and Orange 142, brings state-of-the-art sell- and buy-side advertising platforms together under one umbrella company. Direct Digital Holdings' sell-side platform, Colossus SSP, offers advertisers of all sizes extensive reach within general market and multicultural media properties. The company's subsidiaries Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings' sell- and buy-side solutions manage approximately 153,000 clients monthly, generating over 100 billion impressions per month across display, CTV, in-app and other media channels. Direct Digital Holdings is the ninth black-owned company to go public in the U.S. and was named a top minority-owned business by The Houston Business Journal.\...