Brief: Direct Digital Holdings Inc Says Does Not Have Any Material Deposit Exposure With SVB

Direct Digital Holdings

13/03/2023 13:56

March 13 (Reuters) - Direct Digital Holdings Inc
 DRCT.O :
    * DIRECT DIGITAL HOLDINGS INC - DOES NOT HAVE ANY MATERIAL
DEPOSIT
EXPOSURE WITH SVB
    * DIRECT DIGITAL HOLDINGS - MAINTAINS CASH IN SVB ACCOUNTS
IN
AMOUNT LESS THAN FDIC-INSURED LIMIT OF $250,000, DOES NOT HOLD
SECURITIES WITH OR AT SVB
    * DIRECT DIGITAL HOLDINGS - AS PREVIOUSLY DISCLOSED, ON JAN
9, CO
ENTERED INTO LOAN AGREEMENT BY AND AMONG SVB, AS LENDER FOR
REVOLVING CREDIT FACILITY
    * DIRECT DIGITAL HOLDINGS INC - AS CO HAS NOT YET DRAWN ANY
AMOUNTS UNDER CREDIT FACILITY, HAS ISSUED NOTICE OF TERMINATION
OF LOAN AGREEMENT
    * DIRECT DIGITAL HOLDINGS INC - IS IN PROCESS OF TERMINATING
CREDIT FACILITY
    * DIRECT DIGITAL HOLDINGS - BELIEVES WILL HAVE SUFFICIENT
CASH
RESOURCES TO FINANCE OPERATIONS, SERVICE DEBT OBLIGATIONS UNTIL
END OF FISCAL YEAR 2023
    * DIRECT DIGITAL HOLDINGS - RECEIVED CONSENT TO TERMINATE
CREDIT
FACILITY WITH LAFAYETTE SQUARE LOAN SERVICING, LLC

Further company coverage:  DRCT.O 

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