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Direct Digital Holdings Announces Receipt of Anticipated Additional Delinquency Notice
HOUSTON, Aug. 27, 2024 /PRNewswire/ -- Today, Direct Digital Holdings, Inc. (the "Company") reported that the Company received an additional delinquency
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"HOUSTON, Aug. 27, 2024 /PRNewswire/ -- Today, Direct Digital Holdings, Inc. (the \"Company\") reported that the Company received an additional delinquency notice (the \"Notice\") from the Listing Qualifications Department of The Nasdaq Stock Market LLC (\"Nasdaq\") on August 21, 2024, which indicated that, as a result of the delay in the Company's filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the \"Q2 Form 10-Q\") by the applicable due date, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the \"Rule\"), which requires Nasdaq-listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the \"SEC\"). The additional delinquency could serve as an additional basis for the delisting of the Company's securities from Nasdaq.\nAs disclosed by press release on April 17, 2024 and May 21, 2024, the Company previously received delinquency notification letters from Nasdaq and thereafter submitted its plan to Nasdaq to regain compliance with the Rule by filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the \"Form 10-K\") and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the Q1 Form 10-Q\" and together with the Q2 Form 10-Q, the \"Delayed Reports\") with the SEC by October 14, 2024, which plan Nasdaq ultimately approved. Nasdaq has now requested an update to the plan, particularly with respect to the Company's plan to file the Q2 Form 10-Q with the SEC. The Company plans to timely update Nasdaq with respect to the plan by September 5, 2024.\nNeither the Notice nor the Company's non-compliance with the Rule will have an immediate effect on the listing or trading of the Company's securities on Nasdaq, which will continue to trade on The Nasdaq Capital Market under the symbol \"DRCT.\" The Company continues to work diligently to complete and file the Delayed Reports with the SEC and thereby evidence compliance with the Rule as soon as practicable.\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 ...