TruGolf Announces Listing Extension from Nasdaq

Rhea-AI Summary

TruGolf Holdings (NASDAQ: TRUG) has received an extension from the Nasdaq Hearings Panel to maintain its listing status, with the company's shares being transferred to the Nasdaq Capital Market effective June 3, 2025. The extension comes with specific panel conditions that the company must meet to maintain its listing. CEO Chris Jones expressed commitment to meeting Nasdaq's listing requirements, particularly focusing on achieving organic compliance with the $1.00 minimum bid price requirement without resorting to a reverse stock split if possible.

Positive

• Nasdaq granted extension for continued listing
• Company maintains access to public markets through transfer to Nasdaq Capital Market

Negative

• Company is non-compliant with Nasdaq listing requirements, particularly the $1.00 minimum bid price
• Potential reverse stock split may be necessary if organic price recovery fails
• Downgrade from main Nasdaq market to Capital Market indicates financial challenges

Salt Lake City, Utah, June 02, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, today announced that the Nasdaq Hearings Panel has granted the company an extension of time to comply with Nasdaq listing rules subject to panel conditions. The Company’s listing will be transferred to the Capital Market, effective at the open of business on June 3, 2025. 

Chris Jones, TruGolf’s CEO, said: “We are very pleased with the Panel’s decision and appreciate the fair hearing we received. The Company is committed to executing our plan to meet the various Nasdaq listing requirements required by the Panel. We will utilize every available tool to achieve organic NASDAQ compliance of $1.00 to avoid a reverse stock split if possible.”

About TruGolf Holdings

TruGolf is a golf technology company, committed to making golf easy. From innovative uses for AI to build content and enhance its image and spatial analysis, to gamified golf improvement plans, TruGolf is an industry leader in the growing technological revolution in the sport of golf. Since its founding, TruGolf has redefined what is possible in golf through technology. TruGolf’s suite of Hardware, Software, and Web Products make it easier to Play, Improve, and Enjoy the game of golf.

Forward-Looking Statements

Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements include, without limitation, the timing and the amount of shares that may be repurchased under the plan. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov.

For more information about our products and upcoming innovations, please visit TruGolf.com. 

Media Contacts:

TruGolf: Michael Bacal: Phone: 917-886-9071; mbacal@darrowir.com Web: TruGolf.com LinkedIn: @TruGolf

FAQ

Why is TruGolf (TRUG) being transferred to the Nasdaq Capital Market?

TruGolf is being transferred to the Nasdaq Capital Market on June 3, 2025, as part of an extension granted by the Nasdaq Hearings Panel to give the company time to meet listing requirements, particularly the $1.00 minimum bid price.

What happens if TruGolf (TRUG) fails to meet Nasdaq listing requirements?

If TruGolf fails to meet the listing requirements within the extension period, the company could face delisting from Nasdaq or may need to implement a reverse stock split to maintain compliance.

What is TruGolf's (TRUG) plan to maintain Nasdaq listing?

TruGolf plans to pursue organic methods to achieve the $1.00 minimum bid price requirement, with a reverse stock split as a last resort if necessary.

What are the implications of TruGolf's (TRUG) move to Nasdaq Capital Market?

The move to the Nasdaq Capital Market allows TruGolf to maintain its public listing while working to meet compliance requirements, though it indicates the company is facing challenges meeting standard Nasdaq listing criteria.

What is the minimum stock price requirement for Nasdaq listing that TruGolf (TRUG) must meet?

TruGolf must maintain a minimum bid price of $1.00 per share to comply with Nasdaq listing requirements.