# EDGAR Filing Document

**Accession Number:** 0001880613
**File Stem:** 0001104659-23-014537
**Filing Date:** 2023-2
**Character Count:** 38485
**Document Hash:** 39f0d76f71640852932e12baee1c4ad5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-014537.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001104659-23-014537

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**GROUP MEMBERS**: AJN ENERGY & TRANSPORT VENTURES, LLC

**GROUP MEMBERS**: KEITH SMITH

**GROUP MEMBERS**: MARK WALKER

**GROUP MEMBERS**: SKW FINANCIAL LLC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Direct Digital Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001880613
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **IRS NUMBER:** 872306185
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93602
- **FILM NUMBER:** 23599273

**BUSINESS ADDRESS:**
- **STREET 1:** 1177 WEST LOOP SOUTH
- **STREET 2:** SUITE 1310
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
- **BUSINESS PHONE:** 832-402-1051

**MAIL ADDRESS:**
- **STREET 1:** 1177 WEST LOOP SOUTH
- **STREET 2:** SUITE 1310
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Direct Digital Management, LLC
- **CENTRAL INDEX KEY:** 0001897454
- **IRS NUMBER:** 852476887
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1233 WEST LOOP S.
- **STREET 2:** SUITE 1170
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
- **BUSINESS PHONE:** 832-402-1051

**MAIL ADDRESS:**
- **STREET 1:** 1233 WEST LOOP S.
- **STREET 2:** SUITE 1170
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13G**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**(Amendment No. 1)\***

**Direct Digital Holdings, Inc.**

 **(Name of Issuer)**

**<u>CLASS A COMMON STOCK, PAR VALUE $0.001 PER SHARE</u>**

**(Title of Class of Securities)**

**<u>25461T105</u>**

**(CUSIP Number)**

**<u>December 31, 2022</u>**

**(Date of Event Which Requires Filing of this Statement)**

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

◻ Rule 13d-1(b)

◻ Rule 13d-1(c)

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 2 of 9** |

---

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | **Direct Digital Management, LLC**  | **Direct Digital Management, LLC**  |
| **1** | **Direct Digital Management, LLC**  | **Direct Digital Management, LLC**  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a) ◻ | (a) ◻ |
| **2** | (b)x | (b)x |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Delaware  | Delaware  |
| **4** | Delaware  | Delaware  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 11278000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 11278000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 0  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 11278000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 11278000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 0 |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 11278000<sup>(1)</sup> | 11278000<sup>(1)</sup> |
| **9** | 11278000<sup>(1)</sup> | 11278000<sup>(1)</sup> |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ◻ | ◻ |
| **10** | ◻ | ◻ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 77.6%<sup>(2)</sup> | 77.6%<sup>(2)</sup> |
| **11** | 77.6%<sup>(2)</sup> | 77.6%<sup>(2)</sup> |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | OO  | OO  |
| **12** | OO  | OO  |

---

(1) Represents 11,278,000 common units of Direct Digital Holdings, LLC held directly by Direct Digital Management, LLC. Common units of Direct Digital Holdings, LLC are exchangeable for shares of the Issuer's Class A Common Stock on a one-for-one basis. At the time of any such exchange, an equal number of shares of the Class B Common Stock of the Issuer held by the Reporting Person, which have no economic value, will be cancelled.

(2) The percent of class was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by the Reporting Person as of December 31, 2022. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing the Reporting Person's beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 3 of 9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | **AJN Energy & Transport Ventures, LLC** | **AJN Energy & Transport Ventures, LLC** | **AJN Energy & Transport Ventures, LLC** |
| **1** | **AJN Energy & Transport Ventures, LLC** | **AJN Energy & Transport Ventures, LLC** | **AJN Energy & Transport Ventures, LLC** |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)¨ | (a)¨ | (a)¨ |
| **2** | (b) ⌧ | (b) ⌧ | (b) ⌧ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** | | | |
| **3** | | | |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Texas | Texas | Texas |
| **4** | Texas | Texas | Texas |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,278,000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,278,000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,278,000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,278,000<sup>(1)</sup> |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 11,278,000<sup>(1)</sup> | 11,278,000<sup>(1)</sup> | 11,278,000<sup>(1)</sup> |
| **9** | 11,278,000<sup>(1)</sup> | 11,278,000<sup>(1)</sup> | 11,278,000<sup>(1)</sup> |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ¨ | ¨ | ¨ |
| **10** | ¨ | ¨ | ¨ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 77.6%<sup>(2)</sup> | 77.6%<sup>(2)</sup> | 77.6%<sup>(2)</sup> |
| **11** | 77.6%<sup>(2)</sup> | 77.6%<sup>(2)</sup> | 77.6%<sup>(2)</sup> |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | OO | OO | OO |
| **12** | OO | OO | OO |

---

(1) Represents 11,278,000 common units of Direct Digital Holdings, LLC held directly by Direct Digital Management, LLC. Common units of Direct Digital Holdings, LLC are exchangeable for shares of the Issuer's Class A Common Stock on a one-for-one basis. At the time of any such exchange, an equal number of shares of the Class B Common Stock of the Issuer held by Direct Digital Management, LLC, which have no economic value, will be cancelled.

(2) The percent of class was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by Direct Digital Management, LLC as of December 31, 2022. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing the Reporting Person's beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 4 of 9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | **SKW Financial LLC** | **SKW Financial LLC** | **SKW Financial LLC** |
| **1** | **SKW Financial LLC** | **SKW Financial LLC** | **SKW Financial LLC** |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a) ◻ | (a) ◻ | (a) ◻ |
| **2** | (b) ⌧ | (b) ⌧ | (b) ⌧ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** | | | |
| **3** | | | |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Texas | Texas | Texas |
| **4** | Texas | Texas | Texas |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | <br> 40,000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | <br> 40,000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,278,000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,278,000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 40,000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 40,000 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,278,000<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,278,000<sup>(1)</sup> |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 11,318,000<sup>(1)</sup> | 11,318,000<sup>(1)</sup> | 11,318,000<sup>(1)</sup> |
| **9** | 11,318,000<sup>(1)</sup> | 11,318,000<sup>(1)</sup> | 11,318,000<sup>(1)</sup> |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ◻ | ◻ | ◻ |
| **10** | ◻ | ◻ | ◻ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 77.8%<sup>(2)</sup> | 77.8%<sup>(2)</sup> | 77.8%<sup>(2)</sup> |
| **11** | 77.8%<sup>(2)</sup> | 77.8%<sup>(2)</sup> | 77.8%<sup>(2)</sup> |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | OO | OO | OO |
| **12** | OO | OO | OO |

---

(1) Includes 11,278,000 common units of Direct Digital Holdings, LLC held directly by Direct Digital Management, LLC. Common units of Direct Digital Holdings, LLC are exchangeable for shares of the Issuer's Class A Common Stock on a one-for-one basis. At the time of any such exchange, an equal number of shares of the Class B Common Stock of the Issuer held by Direct Digital Management, LLC, which have no economic value, will be cancelled.

(2) The percent of class was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by Direct Digital Management, LLC as of December 31, 2022. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing the Reporting Person's beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 5 of 9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | **Keith Smith** | **Keith Smith** | **Keith Smith** |
| **1** | **Keith Smith** | **Keith Smith** | **Keith Smith** |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a) ◻ | (a) ◻ | (a) ◻ |
| **2** | (b) ⌧ | (b) ⌧ | (b) ⌧ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** | | | |
| **3** | | | |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | United States of America | United States of America | United States of America |
| **4** | United States of America | United States of America | United States of America |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | <br> 71,124<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | <br> 71,124<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,318,000<sup>(2)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,318,000<sup>(2)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 71,124<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 71,124<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,318,000<sup>(2)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,318,000<sup>(2)</sup> |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 11,389,124<sup>(1)(2)</sup> | 11,389,124<sup>(1)(2)</sup> | 11,389,124<sup>(1)(2)</sup> |
| **9** | 11,389,124<sup>(1)(2)</sup> | 11,389,124<sup>(1)(2)</sup> | 11,389,124<sup>(1)(2)</sup> |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ¨ | ¨ | ¨ |
| **10** | ¨ | ¨ | ¨ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 78.0%<sup>(3)</sup> | 78.0%<sup>(3)</sup> | 78.0%<sup>(3)</sup> |
| **11** | 78.0%<sup>(3)</sup> | 78.0%<sup>(3)</sup> | 78.0%<sup>(3)</sup> |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | IN | IN | IN |
| **12** | IN | IN | IN |

---

(1) Includes warrants exercisable for 71,124 shares of the Issuer's Class A Common Stock within 60 days of December 31, 2022.

(2) Includes 11,278,000 common units of Direct Digital Holdings, LLC held directly by Direct Digital Management, LLC. Common units of Direct Digital Holdings, LLC are exchangeable for shares of the Issuer's Class A Common Stock on a one-for-one basis. At the time of any such exchange, an equal number of shares of the Class B Common Stock of the Issuer held by Direct Digital Management, LLC, which have no economic value, will be cancelled. Also includes 40,000 shares of Class A Common Stock directly owned by SKW Financial LLC, an entity over which Mr. Smith and his wife share voting and dispositive power .

(3) The percent of class was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by Direct Digital Management, LLC as of December 31, 2022, plus (iii) warrants exercisable for 71,124 shares of the Issuer's Class A Common Stock within 60 days of December 31, 2022. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing the Reporting Person's beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 6 of 9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | **Mark Walker** | **Mark Walker** | **Mark Walker** |
| **1** | **Mark Walker** | **Mark Walker** | **Mark Walker** |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a) ◻ | (a) ◻ | (a) ◻ |
| **2** | (b) ⌧ | (b) ⌧ | (b) ⌧ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** | | | |
| **3** | | | |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | United States of America | United States of America | United States of America |
| **4** | United States of America | United States of America | United States of America |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 27,259<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 27,259<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,278,000<sup>(2)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 11,278,000<sup>(2)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 27,259<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 27,259<sup>(1)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,278,000<sup>(2)</sup> |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 11,278,000<sup>(2)</sup> |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 11,305,259<sup>(1)(2)</sup> | 11,305,259<sup>(1)(2)</sup> | 11,305,259<sup>(1)(2)</sup> |
| **9** | 11,305,259<sup>(1)(2)</sup> | 11,305,259<sup>(1)(2)</sup> | 11,305,259<sup>(1)(2)</sup> |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ¨ | ¨ | ¨ |
| **10** | ¨ | ¨ | ¨ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 77.6%<sup>(3)</sup> | 77.6%<sup>(3)</sup> | 77.6%<sup>(3)</sup> |
| **11** | 77.6%<sup>(3)</sup> | 77.6%<sup>(3)</sup> | 77.6%<sup>(3)</sup> |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | IN | IN | IN |
| **12** | IN | IN | IN |

---

(1) Includes warrants exercisable for 27,259 shares of the Issuer's Class A Common Stock within 60 days of December 31, 2022.

(2) Includes 11,278,000 common units of Direct Digital Holdings, LLC held directly by Direct Digital Management, LLC. Common units of Direct Digital Holdings, LLC are exchangeable for shares of the Issuer's Class A Common Stock on a one-for-one basis. At the time of any such exchange, an equal number of shares of the Class B Common Stock of the Issuer held by Direct Digital Management, LLC, which have no economic value, will be cancelled.

(3) The percent of class was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by Direct Digital Management, LLC as of December 31, 2022, plus (iii) warrants exercisable for 27,259 shares of the Issuer's Class A Common Stock within 60 days of December 31, 2022. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing the Reporting Person's beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 7 of 9** |

---

**Item 1.** **Issuer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name of Issuer:

---

| | |
|:---|:---|
| Direct | Digital Holdings, Inc. (the "**Issuer**") |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Address of Issuer's Principal Executive Offices:

1177 West Loop South, Suite 1310

Houston, Texas 77027

**Item 2.** **Filing Person**

(a) – (c) Name of Persons Filing; Address; Citizenship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct Digital Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) AJN Energy & Transport Ventures, LLC ()"**AJN** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) SKW Financial LLC ()"**SKW** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Mark Walker ()"**Mr. Walker** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Keith Smith ()"**Mr. Smith** ")

Direct Digital Management, LLC is a holding company in which Mr. Walker, the Issuer's Chairman and Chief Executive Officer, and Mr. Smith, the Issuer's President, each indirectly hold a 50% economic and voting interest. AJN and SKW each own 50% of the equity interests in Direct Digital Management, LLC. Mr. Walker and his wife share voting and dispositive power with respect to the common units of Direct Digital Holdings, LLC (and the shares of Class B common stock of the Issuer relating thereto) held indirectly by AJN. Mr. Smith and his wife share voting and dispositive power with respect to (i) the common units of Direct Digital Holdings, LLC (and the shares of Class B common stock of the Issuer relating thereto) held indirectly by SKW and (ii) shares of Class A Common Stock held directly by SKW. In addition, Mr. Walker holds warrants exercisable for 27,259 shares of Class A Common Stock, and Mr. Smith holds warrants exercisable for 71,124 shares of Class A Common Stock.

Direct Digital Management, LLC was formed under the laws of the State of Delaware. Each of AJN and SKW was formed under the laws of the State of Texas. Each of Mark Walker and Keith Smith are citizens of the United States of America.

The address of the principal business and the principal office of Direct Digital Management, LLC is 1177 West Loop South, Suite 1310, Houston, Texas 77027. The address of the principal business and the principal office of AJN is 10219 Piping Rock, Houston, Texas 77042. The address of the principal business and the principal office of SKW is 1705 Monarch Oaks Street, Houston, Texas 77055. The address of the principal business office of Mr. Walker is c/o Direct Digital Holdings, Inc., 1177 West Loop South, Suite 1310, Houston, Texas 77027. The address of the principal business office of Mr. Smith is c/o Direct Digital Holdings, Inc., 1177 West Loop South, Suite 1310, Houston, Texas 77027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Title of Class of Securities:

Class A Common Stock, $0.001 par value per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) CUSIP Number:

25461T105

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 8 of 9** |

---

**Item 3.** **If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:**

Not applicable.

**Item 4.** **Ownership.**

(a) -- (c) The information required by Items 4(a)-(c) is set forth in Rows 5-11 of the cover page for each Reporting Person and incorporated herein by reference.

The percent of class for each of Direct Digital Management, LLC, AJN and SKW was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by Direct Digital Management, LLC as of December 31, 2022. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing the beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934 for each of Direct Digital Management, LLC, AJN and SKW.

The percent of class for Mr. Walker was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by Direct Digital Management, LLC as of December 31, 2022, plus (iii) warrants exercisable for 27,259 shares of Class A Common Stock. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing Mr. Walker's beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934.

The percent of class for Mr. Smith was calculated based on (i) 3,260,364 shares of Class A Common Stock outstanding as of November 11, 2022, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2022, plus (ii) 11,278,000 common units of Direct Digital Holdings, LLC (and the shares of the Issuer's Class B Common Stock relating thereto) held by Direct Digital Management, LLC as of December 31, 2022, plus (iii) warrants exercisable for 71,124 shares of Class A Common Stock. The common units of Direct Digital Holdings, LLC are treated as exchanged for Class A Common Stock only for the purpose of computing Mr. Smith's beneficial ownership percentage pursuant to Rule 13d-3 of the Securities Exchange Act of 1934.

**Item 5.** **Ownership of Five Percent or Less of a Class.**

If this statement is being filed to report the fact that as of the date hereof the reporting persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following. ☐

**Item 6.** **Ownership of More than Five Percent on Behalf of Another Person.**

Not applicable.

**Item 7.** **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.**

Not applicable.

**Item 8.** **Identification and Classification of Members of the Group.**

The Reporting Persons expressly disclaim membership in a "group" as used in Rule 13d-5(b)(1).

**Item 9.** **Notice of Dissolution of Group.**

Not applicable.

**Item 10.** **Certification.**

Not applicable.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 25461T105** | **SCHEDULE 13G** | **Page 9 of 9** |

---

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

February 8, 2023

---

| |
|:---|
| **DIRECT DIGITAL MANAGEMENT, LLC** |
| /s/ Mark Walker |
| Mark Walker, Managing Partner |
| /s/ Keith Smith |
| Keith Smith, Managing Partner |
| **SKW FINANCIAL LLC** |
| /s/ Keith Smith |
| Keith Smith, Owner |
| **AJN ENERGY & TRANSPORT VENTURES, LLC** |
| /s/ Mark Walker |
| Mark Walker, Owner |
| **KEITH SMITH** |
| /s/ Keith Smith |
| **MARK WALKER** |
| /s/ Mark Walker |

---