Item 5. Market for Registrant’s Common Equity
ITEM 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our Class A Common Stock is traded on The Nasdaq Capital Market under the symbol “DRCT.”
Holders
As of October 11, 2024, there were four holders of record of our outstanding Class A Common Stock. Holders of record are defined as those stockholders whose shares are registered in their names in our stock records. A substantially greater number of holders of our Class A Common Stock are beneficial owners of common stock whose shares are held in the names of banks, brokers, dealers or clearing agencies.
Dividend Policy
We have never declared or paid any cash dividends on our Class A Common Stock. We currently anticipate that we will retain all future earnings for the operation of our business and we do not currently intend to pay any cash dividends on our Class A Common Stock in the foreseeable future.
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
On August 29, 2023, the Company commenced an offer to purchase (the “Tender Offer”) all of its outstanding publicly traded warrants to purchase shares of its Class A Common Stock at a purchase price of $1.20 in cash, without interest. The Tender Offer expired at one minute after 11:59 PM, Eastern Time on September 28, 2023. The Company accepted all validly tendered warrants for purchase and settlement on October 2, 2023. As a result of the Tender Offer, a total of 2,213,652 warrants were tendered and not validly withdrawn prior to the expiration of the Tender Offer for a total purchase price of approximately $2.7 million.
On October 23, 2023, the Company distributed a notice of redemption to the registered holders of the remaining outstanding warrants announcing the redemption of those warrants for a cash redemption price of $0.35 per warrant. The redemption closed on October 30, 2023, and all remaining 1,004,148 warrants were purchased for an aggregate price of approximately $0.4 million.
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During the three months ended December 31, 2023, purchases of warrants were as follows:
Total Number of Warrants Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Warrants That May Yet Be Purchased Under the Plans or Programs
Period
Total Number of
Warrants Purchased
Average Price
Paid per Warrant
October 1, 2023 through October 31, 2023
3,217,800
$0.93
3,217,800
-
November 1, 2023 through November 30, 2023
-
-
-
-
December 1, 2023 through December 31, 2023
-
-
-
-
Total
3,217,800
$0.93
3,217,800
-
ITEM 6. [Reserved.]
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