subslover
3 weeks ago
Direct Digital Holdings Reports Filings for Full-Year 2023, Q1 2024 and Q2 2024
HOUSTON, Oct. 15, 2024 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct Digital Holdings" or the "Company"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC ("Colossus SSP"), Orange142, LLC ("Orange 142") and Huddled Masses LLC ("Huddled Masses"), today announced the Company has filed its Form 10-K for the full-year ended December 31, 2023 (the "2023 Annual Report"), as well as its Form 10-Q for the first quarter ended March 31, 2024 (the "March 2024 Quarterly Report") and its Form 10-Q for the second quarter ended June 30, 2024 (the "June 2024 Quarterly Report").
Upon the filing of the 2023 Annual Report, the March 2024 Quarterly Report and the June 2024 Quarterly Report with the SEC, Direct Digital Holdings believes it has evidenced compliance with Nasdaq Listing Rule 5250(c)(1). However, the Company is awaiting a formal compliance determination from the Nasdaq Stock Market staff. The Company will provide an update upon receipt of such determination.
Mark D. Walker, CEO and Co-Founder of Direct Digital Holdings, commented, "We are pleased to complete these filings, which we believe will allow us to regain compliance with Nasdaq and put us on the path back to our regular reporting cadence. At Direct Digital Holdings, we remain excited to return to the normal execution of our industry-leading business model and company mission."
Keith Smith, President and Co-Founder of Direct Digital Holdings, commented, "Since we last reported earnings, Direct Digital Holdings has encountered challenges due to two factors: first, the unexpected resignation of our previous auditor; and second, a series of coordinated and malicious misinformation attacks against the company, including the publication of false and defamatory articles and blog posts by a third party, which, we believe, have been comprehensively refuted. The proximity of these two events was then used to create a disparaging narrative which disrupted our business and existing capital-raising efforts, as well as creating additional audit, legal and other expenses. We have been fully engaged in addressing the issues, and I am proud of our team's resilience during this time."
The Company has taken several actions to address these challenges including (i) the execution on July 1, 2024 of a plan to reduce expenses through a staff reduction, a pause on hiring and cost savings measures, (ii) working with lenders to provide temporary relief from debt covenants while rebuilding sell-side volumes via debt amendments executed on October 15, 2024, (iii) engaging BDO, USA, P.C. as the Company's independent registered public accounting firm for the audit of the Company's consolidated financial statements for the fiscal year ended December 31, 2023 and (iv) filing its 2023 Annual Report, March 2024 Quarterly Report and June 2024 Quarterly Report.
Going forward, Direct Digital Holdings expects to (i) receive notification from Nasdaq that by filing the Annual and Quarterly Reports, the Company has regained compliance with respect to the delinquent SEC filings, which will allow the Company to access the capital markets as well as other financing sources, (ii) raise capital through arrangements with various providers, and (iii) continue to work with the Company's partners to rebuild sell-side volumes.
Financial Outlook Update
Due to the aforementioned challenges, Direct Digital Holdings is un
subslover
5 months ago
Direct Digital Holdings Appoints BDO as New Auditor
HOUSTON, June 10, 2024 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct Digital Holdings" or the "Company"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC ("Colossus SSP"), Huddled Masses LLC ("Huddled Masses") and Orange 142 ("Orange 142"), today announced the appointment of BDO USA, P.C. ("BDO") as the Company's new independent registered public accounting firm, effective June 10, 2024.
BDO, one of the world's top five accounting firms, delivers assurance, tax, and advisory services to clients throughout the U.S. and around the globe. The firm is home to over 12,000 professionals spread across 75 U.S. offices. BDO succeeds Marcum LLP, which previously was the independent registered accounting firm providing audit services to the Company.
"We are pleased to engage BDO as our new independent auditor," said Diana Diaz, Chief Financial Officer of Direct Digital Holdings. "The firm has deep experience in the advertising technology sector, working with many of our peers across the industry. Their leading expertise and fresh perspective will be valuable assets as we continue executing our growth strategy and striving for excellence in financial reporting and corporate governance. Now with our new auditor, we look forward to returning to a normal cadence of quarterly and annual filings as soon as possible."
About Direct Digital Holdings
Direct 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 sizes extensive reach within general market and multicultural media properties. The Company's subsidiaries Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings' sell- and buy-side solutions manage on average over 115,000 clients monthly, generating over 326 billion impressions per month across display, CTV, in-app and other media channels.
Cautionary Note Regarding Forward-Looking Statements
crudeoil24
8 months ago
HOUSTON, Feb. 29, 2024 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct Digital Holdings" or the "Company"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC ("Colossus SSP"), Huddled Masses LLC ("Huddled Masses") and Orange142, LLC ("Orange142"), today announced that the Company will report financial results for the fourth quarter and fiscal year 2023 ended December 31, 2023 on Thursday, March 21, 2024 after the U.S. stock market closes.
Management will host a conference call and webcast on the same day at 5:00 PM ET to discuss the results. The live webcast and replay can be accessed at https://ir.directdigitalholdings.com/.
About Direct Digital Holdings
Direct 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 sizes extensive reach within general market and multicultural media properties. The Company's subsidiaries Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings' sell- and buy-side solutions manage on average over 125,000 clients monthly, generating over 300 billion impressions per month across display, CTV, in-app and other media channels.
crudeoil24
8 months ago
HOUSTON and NEW YORK, Feb. 28, 2024 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct Digital Holdings" or the "Company"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC ("Colossus SSP"), Huddled Masses LLC ("Huddled Masses") and Orange 142, LLC ("Orange 142"), announced a new partnership with FreeWheel, a global technology platform for the television advertising industry.
The agreement builds on Direct Digital Holdings' buy- and sell-side relationship with Beeswax, FreeWheel's programmatic buying platform.
This new deal will allow the holding group's Colossus SSP to directly connect to FreeWheel's premium CTV inventory and server technology. Colossus SSP provides brands with access to a truly inclusive audience, tapping into a range of multicultural/diverse publishers and general market media – and this partnership will open pathways to top-tier CTV inventory for both. The partnership will bring together expertise, resources, cutting-edge technology, and robust content to drive demand from top advertisers.
"This agreement will significantly grow the high-quality CTV inventory available through Colossus SSP," said Mark D. Walker, Co-Founder, CEO, and Chairman at Direct Digital Holdings. "FreeWheel is able to unify all demand channels into one optimal ad decision to maximize the end-viewer experience. Their capabilities complement the performance, efficiencies and transparency that brands and media buyers have come to value at Colossus SSP."
"Today's TV ad marketplace is very fragmented and complex, and so, one of our key focus areas is to continually find new ways to simplify and streamline the ad buying process," said Katy Loria, Chief Revenue Officer, FreeWheel. "We recognize today's consumers increasingly gravitate towards CTV and our audiences are becoming more diverse. It is our hope that, by teaming up with Colossus SSP, we can help connect publishers to multicultural audiences – at scale – on premium content."
"We have worked collaboratively with both Colossus SSP and FreeWheel, and we're excited to tap into their new partnership as they continue to diversify and scale their collective offerings," said Michael Piner, EVP, Advanced Advertising, Mediahub. "High-quality CTV inventory is a top priority for our clients, and this partnership will deliver that while expanding our ability to reach robust, diverse audiences through a diverse-owned partner."
subslover
9 months ago
SHE Media Launches Strategic Partnership with Direct Digital Holdings' Colossus SSP to Increase Advertiser Access to a Powerful Female Audience
Colossus SSP's Inclusive Marketplace Approach to Further Advance SHE Media's Work in Fueling Growth of Women-Owned & Diverse-Owned Properties
HOUSTON and NEW YORK, Feb. 15, 2024 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct Digital Holdings" or the "Company"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC ("Colossus SSP"), Huddled Masses, LLC ("Huddled Masses") and Orange142, LLC ("Orange142"), announced today that SHE Media, the top 10 lifestyle media group that includes SheKnows, Flow Space, StyleCaster, Soaps and BlogHer, has selected Colossus SSP as a new supply-side platform partner. Colossus SSP has a strong track-record in connecting advertisers with a truly inclusive audience, at scale, tapping into a range of multicultural / diverse publishers, as well as top-tier general market media.
Colossus SSP will serve as a programmatic exchange sell-side partner for SHE Media's flagship brands and other properties, all of which are focused on providing useful and inspiring high-quality content for women, reaching a total audience of 74+ million users per month[1]. Key to the partnership, Colossus SSP will provide access to inventory across SHE Media's Meaningful Marketplaces – a robust community of independent, premium, women-owned and diverse-owned publishers that SHE Media assists with monetization, operations and educational services.
"The tens of millions of women that visit SHE Media properties and engage with its content are a tremendous asset to advertisers across category sectors," said Mark D. Walker, CEO and Co-Founder, Direct Digital Holdings. "Not only do women represent more than half of the U.S. population, they are responsible for 85 percent of the day-to-day spending decisions and 80 percent of all healthcare choices for the family. Partnering with SHE Media will open Colossus SSP's pipeline of advertisers to this valuable audience. In addition, it's an honor to work with a company that also champions inclusivity across the media and marketing ecosystem."
"SHE Media's strategic partnership with Direct Digital Holding's Colossus SSP will further solidify both companies' deep-seated commitment to the economic growth of women-owned and diverse-owned media," said Kate Calabrese, SVP, Media Solutions, SHE Media. "This integration will deliver an additional pathway to match advertisers with both the audiences they intend to reach and with the independent publishers whose businesses they are dedicated to support."
"We are excited to be working with SHE Media because it is such a perfect fit for Colossus SSP. Their dynamic female-focused content and coveted female audience are very much aligned with the needs of the advertisers that we serve," added Lashawnda Goffin, CEO, Colossus SSP.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and which are subject to certain risks, trends and uncertainties.
As used below, "we," "us," and "our" refer to Direct Digital Holdings. We use words such as "could," "would," "may," "might," "will," "expect," "likely," "believe," "continue," "anticipate," "estimate," "intend," "plan," "project" and other similar expressions to identify forward-looking statements, but not all forward-looking statements include these words. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements.
All of our forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Our forward-looking statements are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance expressed in or implied by the forward-looking statements, including, but not limited to: our dependence on the overall demand for advertising, which could be influenced by economic downturns; any slow-down or unanticipated development in the market for programmatic advertising campaigns; the effects of health epidemics, such as the ongoing global COVID-19 pandemic; operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade our technology systems; any significant inadvertent disclosure or breach of confidential and/or personal information we hold, or of the security of our or our customers', suppliers' or other partners' computer systems; any unavailability or non-performance of the non-proprietary technology, software, products and services that we use; unfavorable publicity and negative public perception about our industry, particularly concerns regarding data privacy and security relating to our industry's technology and practices, and any perceived failure to comply with laws and industry self-regulation; restrictions on the use of third-party "cookies," mobile device IDs or other tracking technologies, which could diminish our platform's effectiveness; any inability to compete in our intensely competitive market; any significant fluctuations caused by our high customer concentration; any violation of legal and regulatory requirements or any misconduct by our employees, subcontractors, agents or business partners; any strain on our resources, diversion of our management's attention or impact on our ability to attract and retain qualified board members as a result of being a public company; our dependence, as a holding company, of receiving distributions from Direct Digital Holdings, LLC to pay our taxes, expenses and dividends; and other factors and assumptions discussed in the "Risk Factors," "Management's Discussion and Analysis of Financial Conditions and Results of Operations" and other sections of our filings with the SEC that we make from time to time. Should one or more of these risks or uncertainties materialize or should any of these assumptions prove to be incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
About SHE Media
As a top 10 lifestyle media company reaching 74+ million monthly visitors, SHE Media focuses on the power of content and community to move our culture forward. SHE Media believes that media companies can and should be a force for good in the world. The company's rich editorial ranges from health, food, and family to career and entertainment. SHE Media's flagship brands, SheKnows, Flow Space, StyleCaster, Soaps and BlogHer, produce award-winning lifestyle content and events that reflect the passion and purpose of the company. In addition to the flagship brands, the SHE Media Collective supports thousands of independent publishers and content creators with technology, education, and monetization opportunities to grow their businesses.
SHE Media has a longstanding commitment to the advancement of equity and inclusion through media. In 2021, SHE Media launched Meaningful Marketplaces enabling advertisers to buy media at scale from a community of women and minority-owned publishers, ensuring that independent media receives the economic support to thrive. SHE Media is also dedicated to advancing women's health. In 2023, SHE Media launched Flow Space, an all-new digital and live media platform providing content, community, and commerce in service of women's whole life health. Part of Penske Media Corporation (PMC), SHE Media is based in New York, with offices in Los Angeles. Follow SHE Media on LinkedIn, Instagram, Facebook and Twitter.
About Direct Digital Holdings
Direct 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 sizes extensive reach within general market and multicultural media properties. The Company's subsidiaries Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings' sell- and buy-side solutions manage on average over 125,000 clients monthly, generating over 300 billion impressions per month across display, CTV, in-app and other media channels.
Media Contacts
For Direct Digital Holdings:
press@directdigitalholdings.com
For SHE Media:
Brooke Jaffe, SVP Public Affairs & Strategy, bjaffe@pmc.com
Abby Kalicka, Senior Director of Communications, akalicka@pmc.com
1 (Source: ComScore, SHE Media Multiplatform Key Measures March 2023)
https://c212.net/c/img/favicon.png?sn=DA36863&sd=2024-02-15 View original content to download multimedia:https://www.prnewswire.com/news-releases/she-media-launches-strategic-partnership-with-direct-digital-holdings-colossus-ssp-to-increase-advertiser-access-to-a-powerful-female-audience-302062246.html
subslover
10 months ago
Direct Digital Holdings, Inc. (DRCT Quick QuoteDRCT - Free Report) is one of the several suitable candidates that passed through the screen. Here are the key reasons why it could be a profitable bet for "trend" investors.
A solid price increase over a period of 12 weeks reflects investors' continued willingness to pay more for the potential upside in a stock. DRCT is quite a good fit in this regard, gaining 450.6% over this period.
However, it's not enough to look at the price change for around three months, as it doesn't reflect any trend reversal that might have happened in a shorter time frame. It's important for a potential winner to maintain the price trend. A price increase of 31.8% over the past four weeks ensures that the trend is still in place for the stock of this company.
Moreover, DRCT is currently trading at 93.7% of its 52-week High-Low Range, hinting that it can be on the verge of a breakout.
Looking at the fundamentals, the stock currently carries a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises -- the key factors that impact a stock's near-term price movements.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Another factor that confirms the company's fundamental strength is its Average Broker Recommendation of #1 (Strong Buy). This indicates that the brokerage community is highly optimistic about the stock's near-term price performance.
So, the price trend in DRCT may not reverse anytime soon.
In addition to DRCT, there are several other stocks that currently pass through our "Recent Price Strength" screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
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subslover
10 months ago
Direct Digital Holdings, Inc. (DRCT Quick QuoteDRCT - Free Report) is one of the several suitable candidates that passed through the screen. Here are the key reasons why it could be a profitable bet for "trend" investors.
A solid price increase over a period of 12 weeks reflects investors' continued willingness to pay more for the potential upside in a stock. DRCT is quite a good fit in this regard, gaining 450.6% over this period.
However, it's not enough to look at the price change for around three months, as it doesn't reflect any trend reversal that might have happened in a shorter time frame. It's important for a potential winner to maintain the price trend. A price increase of 31.8% over the past four weeks ensures that the trend is still in place for the stock of this company.
Moreover, DRCT is currently trading at 93.7% of its 52-week High-Low Range, hinting that it can be on the verge of a breakout.
Looking at the fundamentals, the stock currently carries a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises -- the key factors that impact a stock's near-term price movements.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Another factor that confirms the company's fundamental strength is its Average Broker Recommendation of #1 (Strong Buy). This indicates that the brokerage community is highly optimistic about the stock's near-term price performance.
So, the price trend in DRCT may not reverse anytime soon.
In addition to DRCT, there are several other stocks that currently pass through our "Recent Price Strength" screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.
However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.
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