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The Letter further noted that as of the letter date, the Company did not have a market value of listed securities of $35 million, or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, the alternative quantitative standards for continued listing on the Nasdaq Capital Market.
−Removed: Following the Staff’s review of the Company’s compliance plan (the “Plan”), on February 4, 2025, the Staff notified the Company that it had granted the Company an extension (the “Extension”) through March 31, 2025, and later extended to April 16, 2025, to complete the Plan and evidence compliance with the Stockholders’ Equity Requirement.
−Removed: As of April 16, 2025, the Company had not gained compliance with the Stockholders’ Equity Requirement.
−Removed: Accordingly, on April 17, 2025, the Company received a Staff determination letter from the Staff stating that the Company did not meet the terms of the extension because it did not complete its capital raising initiative and demonstrate compliance with the Stockholders’ Equity Requirement, and therefore that trading of the Company’s Class A Common Stock would be suspended at the opening of business on April 28, 2025 and subsequently delisted.
−Removed: The Company has filed an appeal and request a Hearing before a Nasdaq Hearings Panel (the “Panel”) which Hearing request was granted and set for late May 2025.
−Removed: At the hearing, the Company will present its plan for regaining and sustaining compliance with the Stockholders’ Equity Requirement for continued listing.
−Removed: However, there can be no assurance that the Hearings Panel will grant the Company an extension of time to regain compliance, or that the Company will be able to regain compliance during any extension period.
−Removed: During the appeal process, there is a stay on Nasdaq's delisting and the Company’s Class A Common Stock will continue to trade on The Nasdaq Capital Market under the symbol “DRCT.” If the Company is not able to regain compliance with Nasdaq’s continued listing requirements within the time period permitted by Nasdaq, then the Company’s securities will be delisted from Nasdaq.
+Added: Subsequent to the end of an extension period granted by the Staff, the Company received a letter indicating that its common stock would be delisted.
+Added: The Company then requested a hearing before the Nasdaq Hearings Panel (the “Panel”).
+Added: The hearing was held on May 29, 2025 and, by decision dated June 9, 2025, the Panel accepted the Company’s proposed plan to regain compliance with the Stockholders’ Equity Requirement (the “Compliance Plan”), and granted the Company’s request for an extension through October 14, 2025, subject to the Company’s satisfaction of certain interim conditions.
+Added: If the Company is not able to evidence compliance with Nasdaq’s continued listing requirements within the time period permitted by Nasdaq, then the Company’s securities will be delisted from Nasdaq.
+Added: Separately, on May 12, 2025, the Company received notice from the Staff that the closing bid price of the Company’s Class A common stock was below $1.00 per share for the prior 30 consecutive business days, and therefore, the Company was not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2).
+Added: The notice stated that the Company has 180 calendar days from the date of such notice, or until November 10, 2025, to regain compliance with the minimum bid price rule.
+Added: The Company intends to take all reasonable measures available to regain compliance and remain listed on Nasdaq.
+Added: However, there can be no assurance that the Company will be able to complete the Compliance Plan or regain compliance with the minimum bid price rule.
+Added: The Company’s noncompliance has no immediate effect on the listing or trading of the Company’s Class A Common Stock, which will continue to trade on the Nasdaq Capital Market under the symbol “DRCT.”
Delisting from the Nasdaq could adversely affect our ability to raise additional financing through the public or private sale of equity securities, would significantly affect the ability of investors to trade our securities and would negatively affect the value and liquidity of our Class A Common Stock.
−Removed: Delisting could also have other negative results, including the potential loss of confidence by employees, the loss of institutional investor interest and fewer business development
−Removed: opportunities.
+Added: Delisting could also have other negative results, including the potential loss of confidence by employees, the loss of institutional investor interest and fewer business development opportunities.
If our Class A Common Stock is delisted by the Nasdaq, the price of our Class A Common Stock may decline and our Class A Common Stock may be eligible to trade on the OTC Markets or other over-the-counter quotation system, where an investor may find it more difficult to dispose of their Class A Common Stock or obtain accurate quotations as to the market value of our Class A Common Stock.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.