Direct Digital Holdings announced on October 15, 2024, the filing of its Form 10-K for the full-year ended December 31, 2023, and its Form 10-Q for the first and second quarters of 2024. These filings are expected to evidence compliance with Nasdaq Listing Rule 5250(c)(1) regarding periodic reporting.
The company stated that it encountered challenges due to the unexpected resignation of its previous auditor and a series of misinformation attacks. In response, Direct Digital Holdings executed a plan on July 1, 2024, to reduce expenses through staff reductions and cost-saving measures.
Additionally, the company worked with lenders to provide temporary relief from debt covenants, with debt amendments executed on October 15, 2024. These actions aim to rebuild sell-side volumes and allow the company to access capital markets and other financing sources.
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