TruGolf Highlights September Milestones as Polymath Acquisition Advances

Rhea-AI Summary

TruGolf (TRUG) reported progress on its pending Polymath acquisition and a 1-for-10 reverse split effective September 29, 2026.

TruGolf agreed in August to acquire Polymath, whose technology includes the Polymesh blockchain. On September 23, Chairman Brenner Adams became interim CEO after founder Chris Jones resigned, and Jay Heller joined the board. TruGolf Links and Polymath plan equipment leasing funded through tokenized securities and fractional franchise ownership opportunities for qualified franchisees, targeted for the first quarter of 2027.

Polymath partnered with High Ridge Trust and, with Polymesh, joined the STO Foundation as founding partners; the foundation becomes the Tokenized Asset Foundation on October 1. TruGolf RANGE was installed at its first location in New Albany, Indiana, on September 24. It lets up to 5 players practice simultaneously on one screen and provides practice analytics. The reverse split applies to Class A common stock.

Positive

• TruGolf entered an agreement to acquire Polymath, including its tokenization platform and Polymesh blockchain.
• TruGolf Links and Polymath plan tokenized-security-funded equipment leasing for qualified franchisees.
• The companies also plan fractional franchise ownership opportunities for qualified franchisees.
• Polymath entered a partnership with High Ridge Trust on infrastructure for tokenized securities.
• Polymath and Polymesh joined the STO Foundation as founding partners.
• TruGolf RANGE reached its first installed location in New Albany, Indiana, on September 24.
• TruGolf RANGE allows up to 5 players to practice simultaneously on one screen.

Negative

• The Polymath acquisition remains pending.
• Founder Chris Jones resigned as CEO; Chairman Brenner Adams became interim CEO.
• The franchise financing initiatives remain plans targeted for the first quarter of 2027.

Argus Sep 28 session 28 alerts

-6.51% close to close 0.1x rel. volume Open Argus

Details

News Market Reaction – TRUG

+17.4% Peak Tracked

-5.2% Trough Tracked

$601,543 Mkt Cap at Peak Alert

On Sep 28, the day this news came out, TRUG closed 6.51% below the previous close. Argus tracked a peak move of +17.4% during that session. Argus tracked a trough of -5.2% from its starting point during tracking. Our momentum scanner recorded 28 alerts for this stock that day.

Data tracked by StockTitan Argus for the Sep 28 session.

Key Figures

Reverse stock split: 1-for-10 Franchise financing initiative target: First quarter of 2027

Reverse stock split

1-for-10

Class A common stock; effective September 29, 2026

Franchise financing initiative target

First quarter of 2027

Target timing for the planned equipment leasing program and fractional franchise ownership opportunities

Key Terms

layer-1 blockchain, cusip

2 terms

layer-1 blockchain technical

"its purpose-built Layer-1 blockchain, Polymesh"

A layer-1 blockchain is the base network that records and finalizes transactions and enforces rules for a digital ledger, acting like the operating system or road network for all activity built on top of it. It matters to investors because its speed, security, transaction costs and ability to host applications directly affect user adoption and the value of tokens or services that rely on that network; stronger, more scalable base layers tend to attract more activity and investment.

cusip financial

"trade under the new CUSIP number 243733607"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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Leadership appointments, a franchise financing initiative, and new Polymath partnerships with High Ridge Trust and the Tokenized Asset Foundation

SALT LAKE CITY, Utah, Sept. 28, 2026 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG) ("TruGolf" or the "Company") today provided a summary of recent corporate developments as it advances its previously announced acquisition of Polymath Research Inc. ("Polymath"), a developer of institutional-grade infrastructure for regulated digital securities and tokenized real-world assets.

"September has been a month of real progress for TruGolf and Polymath," said Brenner Adams, TruGolf's Chairman and Interim Chief Executive Officer. "We strengthened our board and leadership, announced our first joint initiative for TruGolf Links franchisees, and Polymath continued to build institutional partnerships. We're focused on completing the transaction and on building a digitization company with two complementary lines of business."
Recent developments

• Acquisition of Polymath (announced August 18). TruGolf entered into an agreement to acquire Polymath, bringing its tokenization platform and its purpose-built Layer-1 blockchain, Polymesh, to a Nasdaq-listed company.
• Leadership and board (September 23). Brenner Adams, TruGolf's Chairman, was appointed Interim Chief Executive Officer after founder Chris Jones resigned. Jay Heller, Chief Executive Officer of K Lab and former Vice President and Head of Capital Markets and IPO Execution at Nasdaq, joined the Board of Directors.
• Franchise financing initiatives (September 18). TruGolf Links and Polymath announced plans to develop an equipment leasing program funded through tokenized securities and fractional franchise ownership opportunities for qualified franchisees, targeted for the first quarter of 2027.
• Tokenized Asset Foundation (September 14). Polymath and Polymesh joined the STO Foundation, which becomes the Tokenized Asset Foundation on October 1, as Founding Partners.
• High Ridge Trust (September 11). Polymath partnered with High Ridge Trust, a regulated U.S. trust company specializing in institutional digital assets, to advance institutional infrastructure for tokenized securities.
• TruGolf RANGE Debuts at First Location (September 24). TruGolf RANGE, a revolutionary new product that lets up to 5 players practice simultaneously on a single cinematic screen, was installed at its first location in New Albany, Indiana. This immersive experience provides a true interactive and social golf experience - recreating the green-grass driving range experience indoors. For players focused on improvement, each hitting bay in the TruGolf RANGE offers advanced analytics including: Slow Motion Replay of Club and Ball Interaction, Ball Flight Data, and integrated AI Analysis of swing tendencies.
• Reverse stock split (September 25). TruGolf announced a 1-for-10 reverse stock split of its Class A common stock, effective September 29, 2026. The Class A common stock will trade under the new CUSIP number 243733607.
  

Forward-Looking Statements

Some of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the timing and completion of the reverse split. These statements relate to future events, future expectations, plans and prospects. Although the Company believes 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, including those discussed under Item 1A. "Risk Factors" in the Company’s most recently filed Form 10-K filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this press release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

About TruGolf

Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform, E6 CONNECT, to connect golfers around the world. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.

Investor Contact: Michael Bacal, mbacal@darrowir.com, 917-886-9071

Media Contact: David Cash, david.cash@polymath.network, +1 416 877 2562

Attachment

• TruGolf Holdings, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does TruGolf's reverse stock split take effect, and what is the ratio?

TruGolf's 1-for-10 reverse stock split of its Class A common stock takes effect September 29, 2026.

What is the status of TruGolf's Polymath acquisition?

TruGolf has entered into an agreement to acquire Polymath Research, but the transaction remains pending. Polymath develops infrastructure for regulated digital securities and tokenized real-world assets, including the Polymesh blockchain.

What practice analytics does TruGolf RANGE offer?

Each TruGolf RANGE hitting bay offers slow-motion replay of club and ball interaction, ball flight data, and integrated AI analysis of swing tendencies.