Direct Digital Holdings, an advertising and marketing technology platform operating through its companies Colossus Media, Huddled Masses and Orange142, entered into the $5 million revolving credit facility with Silicon Valley Bank, as filed with the SEC on a Form 8-K on Jan. 11.
In 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 Sept. 30, 2024.
“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,” Mark D. Walker, chairman and CEO of Direct Digital Holdings, said. “We are also thrilled to work together with Silicon Valley Bank to help us grow our business and optimize our capital structure.”
“Direct Digital Holdings is a key leader in providing state-of-the-art advertising solutions and platforms,” Dax Williamson, managing director with Silicon Valley Bank, said. “We are excited to provide this latest credit facility as we support their continued growth and success.”
