Business
Direct Digital Holdings Announces New $5 Million Revolving Credit Facility with Silicon Valley Bank
HOUSTON, Feb. 21, 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, Feb. 21, 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 its entry into the $5 million revolving credit facility with Silicon Valley Bank, as filed with the SEC on a Form 8-K on January 11, 2023. \nIn addition to the principal amount of $5 million, Direct Digital Holdings has access to an additional $2.5 million incremental revolving facility, subject to the lender's consent, which may increase the aggregate principal amount of the credit facility to $7.5 million. Loans under the credit facility mature on September 30, 2024.\nMark D. Walker, Chairman & Chief Executive Officer of Direct Digital Holdings, commented, \"We are very pleased to announce this new credit facility which improves our near-term liquidity position, continues to diversify our access to non-dilutive capital and helps us meet our fluctuating working capital needs. We are also thrilled to work together with Silicon Valley Bank to help us grow our business and optimize our capital structure.\"\n\"Direct Digital Holdings is a key leader in providing state-of-the-art advertising solutions and platforms,\" said Dax Williamson, Managing Director with Silicon Valley Bank. \"We are excited to provide this latest credit facility as we support their continued growth and success.\"\nAbout Direct Digital HoldingsDirect 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 90,000 clients monthly, generating over 100 billion i...