UPDATED: TruGolf Completes Acquisition of Polymath Research, Bringing a Blockchain Purpose-Built for Regulated Assets to Nasdaq
Acquisition consideration included common and preferred stock, while a separate warrant exercise supplied $2.95 million in net proceeds.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
TruGolf (NASDAQ: TRUG) completed its acquisition of Polymath Research, adding regulated-asset blockchain infrastructure alongside its golf simulation and software business. Polymath operates as a wholly owned subsidiary. Former Polymath shareholders received Class A common stock and non-voting Series C preferred stock.
As of December 31, 2025, Polymath had issued more than $132 million in tokenized assets for more than 65 active issuers. TruGolf Links and Polymath are developing equipment leasing funded through tokenized securities and fractional franchise ownership opportunities, targeted for the first quarter of 2027.
On October 8, warrant holders exercised warrants for 3,278 Series B preferred shares, providing $2.95 million in net proceeds. These shares are convertible into Class A common stock, subject to ownership and Nasdaq limitations. Natalie Hirsch became CFO and COO, and David Hackett joined the board.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCompleted Polymath acquisition adds institutional tokenization infrastructure alongside TruGolf's golf technology business.
- Major point$2.95 million net proceeds from the October 8, 2026 warrant exercise adds cash. 95% of market cap
- Moderate pointRegional Developer commitments in New Jersey, New York and Illinois cover more than 100 future TruGolf Links locations.
- Minor point. Forward-looking: it has not happened yet and may not happen.Equipment leasing and fractional franchise ownership programs are in development, targeted for the first quarter of 2027.
Negative
- Major pointClass A common and non-voting Series C preferred stock issued to former Polymath shareholders adds equity consideration.
- Major point. Forward-looking: it has not happened yet and may not happen.3,278 Series B preferred shares issued through warrant exercise are convertible into Class A common stock, creating potential dilution.
Details
Market move: TRUG -20.51% vs previous close. Polymath acquisition close
On Oct 9, the day this news came out, the latest delayed price for TRUG is 20.51% below the previous close. Argus tracked a trough of -5.9% from its starting point during tracking. Our momentum scanner has recorded 35 alerts for this stock so far that day. The latest delayed price is $2.04.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Net proceeds
- $2.95 million
- Series B preferred warrant exercise
- Stated value
- $3.278 million
- Exercised Series B preferred warrants
- Shares issued on warrant exercise
- 3,278 shares
- Series B preferred stock
- Tokenized assets issued
- More than $132 million
- Polymath, as of December 31, 2025
- Active issuers
- More than 65
- Polymath platform, as of December 31, 2025
- Ecosystem partners
- More than 50
- Polymath platform
- Targeted program timing
- First quarter of 2027
- Tokenized-securities equipment leasing and fractional franchise ownership projects
Previous Acquisition Reports
-
Initial deal set share and Series C preferred consideration, plus planned preferred financing.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
layer-1 blockchain technical
security token financial
warrant financial
soc 2 type 1 technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Polymath, creator of the Polymesh Layer-1 blockchain, becomes part of Nasdaq-listed TruGolf (NASDAQ: TRUG). Natalie Hirsch is named CFO and COO, and a
Salt Lake City, Utah, Oct. 09, 2026 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (“TruGolf”) (NASDAQ: TRUG) closed its acquisition (the “Transaction”) of Polymath Research Inc. ("Polymath"), the Canadian company that was involved in the creation of the security token category and built Polymesh, a Layer-1 blockchain designed from the ground up for regulated assets. The Transaction brings a team experienced in institutional tokenization into a Nasdaq-listed company as banks, asset managers and issuers increasingly explore blockchain-based applications for real-world assets.
The acquisition creates a single digitization company with two complementary revenue streams: TruGolf's established golf simulation and software business and Polymath's institutional tokenization infrastructure. Polymath brings an established platform to the combined company. As of December 31, 2025, it had issued more than
The two businesses are already working together: TruGolf Links and Polymath are developing an equipment leasing program funded through tokenized securities, along with fractional franchise ownership opportunities for qualified franchisees, targeted for the first quarter of 2027. TruGolf Links' Regional Developers in New Jersey, New York and Illinois represent commitments for more than 100 future locations.
Tokenized real-world assets now total more than
With the Transaction now complete, TruGolf will continue to run its golf technology business, including its simulators and the E6 platform, while Polymath operates as a wholly owned subsidiary. As part of a public company, Polymath gains access to the public capital markets to fund the next stage of Polymesh adoption among financial institutions, issuers, and other market participants. According to Brenner Adams, TruGolf’s interim CEO and Chairman of the Board:
"TruGolf was built on the idea that technology can open up something that used to feel exclusive. We did it for golf, and Polymath is doing it for capital markets. Polymath's team has been building regulated tokenization infrastructure for many years, and today that work sits inside a Nasdaq-listed company with the transparency and accountability that comes with it. We're proud to give this team a public-market platform at a moment when institutions are finally ready to move."
Upon closing of the Transaction, Natalie Hirsch, who led Polymath as CFO and interim CEO through the Transaction, was appointed as Chief Financial Officer and Chief Operating Officer of TruGolf, and David Hackett joined TruGolf's Board. According to Natalie Hirsch, Chief Financial Officer of TruGolf and Interim CEO of Polymath:
"Tokenization is moving out of the pilot stage, and the institutions leading that shift need infrastructure they can trust with regulated assets. That is what Polymath has spent the past nine years building, and it is why Polymesh was designed with compliance at the protocol level. Joining a Nasdaq-listed company gives us the capital access and public-market discipline to scale with our clients. My focus now is execution: bringing more issuers and more assets onto Polymesh."
Founded in 2017, Polymath introduced the ST-20 security token standard and has spent over nine years building the issuance, compliance, and lifecycle tools that regulated securities need on a blockchain. In 2021, it launched Polymesh, its public, permissioned Layer-1 blockchain where identity, compliance, and settlement are built into the chain itself. Polymath contributed the ERC-1400 security token standard and has supported issuers and institutions across private equity, credit, real estate, funds, and other asset classes. Polymesh, which achieved SOC 2 Type 1 compliance in 2025, is secured by licensed financial institutions acting as node operators and supported by an ecosystem of more than 50 companies, including AlphaPoint, Dfns, and Zodia. In connection with the Transaction, former shareholders of Polymath received shares of TruGolf Class A common stock and non-voting Series C preferred stock.
Commenting on the completion of the Transaction, Trevor Koverko, Co-Founder of Polymath, discussed Polymath’s experience in the development of the tokenized securities industry:
“Polymath was among the early pioneers of the tokenized securities market in 2018, and it is exciting to see the rapid growth of real world asset tokenization today. Polymath invested early in building a purpose built blockchain and a platform for issuing and managing tokenized assets to act as infrastructure for future industry growth. It’s been an exciting journey, but we are still early on the road to tokenizing global stocks, bonds and real estate with the mission to make capital markets more accessible to businesses and investors around the world.”
As previously disclosed, TruGolf exchanged its outstanding Series A preferred warrants for Series B preferred warrants in connection with the completion of the Transaction. The Series B preferred warrants are exercisable for Series B preferred stock, which is convertible into shares of TruGolf’s Class A common stock subject to applicable beneficial ownership and Nasdaq limitations. On October 8, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement, pursuant to which holders exercised Series B preferred warrants for 3,278 shares of Series B preferred stock, resulting in aggregate net proceeds to TruGolf of
Additional information regarding the Transaction, including the Third Amendment, Waiver and Exercise Agreement, will be included in a Current Report on Form 8-K to be filed by TruGolf with the U.S. Securities and Exchange Commission.
Contact Information:
TruGolf Holdings, Inc.
60 North 1400 West
Centerville, Utah 84014
Investor Relations
Michael Bacal, Darrow Associates
917-886-9071
mbacal@darrowir.com
Media Contact
David Cash
david.cash@polymath.network
About TruGolf
Since 1983, TruGolf has been passionate about driving the golf industry forward with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf’s mission is to help grow the game by making it more available, approachable, and affordable through technology, because TruGolf believes that golf is for everyone. TruGolf’s team has built award-winning video games, innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf’s beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.
About Polymath
Polymath is a Canadian technology company that develops enterprise-grade capital markets infrastructure for the issuance, compliance and lifecycle management of regulated digital securities and other tokenized financial instruments.
Polymath enables issuers, investors, and market participants to create and manage tokenized representations of real‑world assets within compliant frameworks, supporting investor onboarding, regulatory controls, and post‑issuance administration across private and institutional markets.
With a strong history of building blockchain‑based capital markets infrastructure, Polymath’s technology is designed to support scalable, compliant deployment of tokenized securities across a variety of asset classes, including real‑world assets, private equity, and structured financial products.
Polymath’s solutions are purpose-built for institutional adoption and evolving regulatory environments.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as forward-looking information within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and include statements regarding beliefs, plans, expectations, intentions, estimates, projections, or assumptions regarding future events or performance.
Forward-looking statements in this press release include, but are not limited to, statements regarding: the anticipated benefits of the Transaction; the integration of Polymath’s business with TruGolf following the closing of the Transaction; the anticipated development and timing of TruGolf Links’ equipment leasing program and fractional franchise ownership opportunities; the expected operations, business strategy, growth opportunities, and prospects of the combined company; the anticipated benefits of the financing and the exercise of the Series B Preferred Warrants, including the expected impact on TruGolf’s cash position and financial flexibility; the anticipated use of proceeds; the future roles of members of management and the Board; and TruGolf’s ability to execute on its strategic priorities following the Transaction.
Forward-looking statements are generally identified by words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “projects,” “estimates,” “may,” “will,” “would,” “could,” “should,” and similar expressions or the negative thereof. These statements are based on current expectations, assumptions, and estimates of management as of the date of this press release and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or developments to differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: TruGolf’s ability to successfully integrate Polymath’s business following the Transaction and realize the anticipated benefits of the Transaction; the costs, difficulties, and uncertainties associated with the integration of the businesses; TruGolf’s ability to successfully execute its business strategy and strategic priorities; TruGolf’s ability to effectively deploy the proceeds of the financing; risks related to the issuance, conversion, and dilution effects of equity securities; risks related to digital assets and token-related initiatives; changes in market conditions; changes in applicable laws or regulations; competitive pressures; general economic and business conditions; and other risks and uncertainties described from time to time in TruGolf’s filings with the Securities and Exchange Commission.
Although management believes that the assumptions and expectations reflected in the forward-looking statements are reasonable as of the date hereof, no assurance can be given that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and TruGolf undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did TruGolf acquire in the Polymath transaction?
TruGolf acquired Polymath Research, the Canadian company that built Polymesh, a blockchain designed for regulated assets. Polymath now operates as a wholly owned subsidiary, while TruGolf continues its golf technology business, including simulators and the E6 platform.
How much cash did TruGolf raise from the October 8, 2026 warrant exercise?
TruGolf received $2.95 million in aggregate net proceeds when holders exercised Series B preferred warrants for 3,278 Series B preferred shares. Those shares had $3.278 million in stated value and are convertible into Class A common stock, subject to applicable beneficial ownership and Nasdaq limitations.