TruGolf to Acquire Polymath Research in $140M Tokenization Deal

summarizeSummary

TruGolf Holdings is acquiring Polymath Research Inc., a blockchain tokenization company, in a $140 million deal. The acquisition brings a regulated Layer-1 blockchain to the public markets and includes a concurrent $5 million financing.

check_boxKey Events · M&A and Partnerships · TRUG

• Acquisition Agreement Signed

  TruGolf entered into an Acquisition Agreement with Polymath Research Inc. on August 17, 2026. Polymath shareholders will receive 19.9% of TruGolf's Class A common stock plus Series C preferred stock valued at $140 million minus the common stock value.

• Concurrent Financing

  TruGolf will raise up to $5 million in Series B convertible preferred stock, with an initial tranche of $3 million required to close. The Series B preferred stock has a $1,000 stated value, 10% dividend rate, and $1.00 initial conversion price.

• Series C Preferred Stock Terms

  Series C preferred stock has a $1,000 stated value and converts at $0.9695 per share, subject to stockholder approval and Nasdaq rules. Conversion is capped at 19.99% of outstanding shares until approval.

• Series A Conversion Price Reset

  The Series A preferred stock conversion price was reset to $1.00 per share as part of the Waiver and Exchange Agreement, which also exchanges Series A preferred warrants for new Series B preferred warrants.

auto_awesomeAnalysis · TRUG · Manufacturing

TruGolf is acquiring Polymath Research, a blockchain tokenization company, in a deal valued at $140 million. Polymath shareholders will receive 19.9% of TruGolf's Class A common stock plus Series C preferred stock. The deal brings a regulated Layer-1 blockchain to the public markets and is expected to close in Q3 2026, subject to TruGolf maintaining a $10 million minimum market value and other conditions. The acquisition is transformative for TruGolf, which currently has a market cap of only $1.7 million, and the concurrent $5 million financing adds further dilution risk.