TruGolf Closes $140M Polymath Acquisition, Resets Series C Conversion to $11.82, Names New CFO
TRUG is trading near its 52-week low of $2.47 (5.7% above the low) on light trading volume (0.2× avg).
Summary
TruGolf closed its Polymath Research acquisition on October 8, 2026, reset the Series C conversion price to $11.82, raised $2.95 million via Series B warrant exercise, and appointed Natalie Hirsch as CFO/COO. Polymath had issued more than $132 million in tokenized assets for more than 65 active issuers as of December 31, 2025, and TruGolf will continue to run its golf technology business, including its simulators and the E6 platform.
Updated with a GlobeNewswire report · What changed
Updates
· GlobeNewswire — TruGolf completed the Polymath acquisition on October 8, 2026, with Natalie Hirsch as CFO/COO and a $2.95 million warrant exercise.
- Polymath Metrics — As of December 31, 2025, Polymath had issued more than $132 million in tokenized assets for more than 65 active issuers.
- Warrant Exercise — On October 8, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement. The Series B preferred warrants exercise resulted in $3.278 million in stated value.
- Business Continuation — TruGolf will continue to run its golf technology business, including its simulators and the E6 platform.
- Executive Background — Natalie Hirsch led Polymath as CFO and interim CEO through the Transaction.
All 5 details
- As of December 31, 2025, Polymath had issued more than $132 million in tokenized assets for more than 65 active issuers.
- On October 8, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement.
- The Series B preferred warrants exercise resulted in $3.278 million in stated value.
- TruGolf will continue to run its golf technology business, including its simulators and the E6 platform.
- Natalie Hirsch led Polymath as CFO and interim CEO through the Transaction.
Key Events · M&A and Partnerships · TRUG
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New · · GlobeNewswire
Polymath Tokenized Assets
As of December 31, 2025, Polymath had issued more than $132 million in tokenized assets for more than 65 active issuers.
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New · · GlobeNewswire
Third Amendment, Waiver and Exercise Agreement
On October 8, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement.
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New · · GlobeNewswire
TruGolf Continues Golf Technology Business
TruGolf will continue to run its golf technology business, including its simulators and the E6 platform.
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New · · GlobeNewswire
Natalie Hirsch Led Polymath
Natalie Hirsch led Polymath as CFO and interim CEO through the Transaction.
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Updated · · GlobeNewswire
Series B Warrant Exercise Raises $2.95M
Holders exercised Series B preferred warrants to purchase 3,278 shares of Series B preferred stock for $2,950,000, and received new warrants for 3,000 additional Series B preferred shares. The exercise resulted in $3.278 million in stated value.
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Polymath Acquisition Closed
The acquisition of Polymath Research Inc. was consummated on October 8, 2026, with Polymath and SubCo amalgamating into Amalco, a wholly owned subsidiary.
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Series C Conversion Price Reset to $11.82
At closing, the Series C preferred stock conversion price was amended from $3.94 to $11.82 per share, reducing the number of Class A shares issuable upon conversion of the 136,956 Series C preferred shares.
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New CFO/COO and Board Changes
Natalie Hirsch was appointed CFO and COO with a $275,000 base salary and 133,000 stock options; Steven Passey moved to VP-Finance of the golf division; director Humphrey Polanen resigned and David Hackett was appointed.
Analysis · TRUG · Manufacturing
The acquisition of Polymath Research closed on October 8, 2026, turning a previously announced deal into a completed transaction. A key change at closing was the Series C preferred stock conversion price, which rose from $3.94 to $11.82 per share—significantly reducing the number of Class A shares Polymath holders will receive upon conversion. At the same time, the company raised $2.95 million through a Series B warrant exercise and issued new warrants for 3,000 additional Series B preferred shares, adding further potential dilution. The appointment of Natalie Hirsch as CFO/COO and the board changes signal the integration of Polymath's leadership into TruGolf's operations. Polymath had issued more than $132 million in tokenized assets for more than 65 active issuers as of December 31, 2025, and TruGolf will continue to run its golf technology business, including its simulators and the E6 platform. For a company with a market cap near $3.2 million and a history of Nasdaq delisting risk, the closing of a $140 million reference-value acquisition and the associated financing terms are highly material to the investment thesis.
How filings like this one have moved
In the 30 days to Oct 9, 2026, 43.7% of the 309 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.58%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, TRUG was trading at $2.61 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $3.2M. The 52-week trading range was $2.47 to $268.00. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.