Direct Digital Holdings, Inc. (DRCT) Form 8-K — Aug 21, 2026
Direct Digital Holdings entered into a waiver letter dated August 18, 2026 with agent Lafayette Square Loan Servicing and lender Lafayette Square USA after disclosing multiple events of default under its December 2021 term loan, including failure to pay interest for the months ended May 31, June 30, and July 31, 2026. The waiver also covers Q2 2026 covenant breaches — minimum unrestricted cash of $450,000, maximum leverage of 3.50x, minimum fixed charge coverage of 1.25x, and minimum quarterly EBITDA of $200,000 — plus the missed deadline to consummate a required refinancing and preferred transaction.
Key figures
- Waiver expiry full
- September 30, 2026
- Waiver expiry partial
- August 31, 2026
- Missed interest months
- ["May 2026","June 2026","July 2026"]
- Original term loan date
- December 3, 2021
- Catch up payment deadline
- September 30, 2026
- Min fixed charge coverage ratio
- 1.25 to 1.00
- Min quarterly consolidated ebitda
- $200,000
- Nasdaq compliance update deadline
- September 15, 2026
- Minimum unrestricted cash covenant
- $450,000
- Max consolidated total leverage ratio
- 3.50 to 1.00
Price after filing
Close on the filing date to close N calendar days later (from $2.46). Historical, not a forecast.
AI analysis
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