TruGolf To Acquire Canada's Polymath Research

(RTTNews) - TruGolf Holdings, Inc. (TRUG) and Polymath Research, Inc., a privately-held Canadian technology company, jointly announced TruGolf will acquire Polymath in exchange for shares of TruGolf Class A common stock and non-voting Series C preferred stock.

The transaction will bring one of the first regulated, purpose-built blockchains for tokenized securities to the public markets, positioning the combined company at the center of a fundamental shift in how the world's financial assets are issued, traded, and owned.

Polymath sits at the forefront of that shift as the creator of Polymesh, an institutional-grade, purpose-built Layer-1 blockchain designed specifically for regulated assets.

Following its acquisition of Polymesh Labs earlier this year, Polymath unified the blockchain and its tokenization platform under one roof, giving institutions a single, end-to-end path to issue and manage regulated assets on-chain.

Through the combination, Polymath will join the public markets as part of TruGolf, which will remain listed on Nasdaq. Polymath's shareholders will become stockholders of the combined company, receiving a mix of TruGolf Class A common stock and non-voting Series C preferred stock as consideration.

As consideration for the transaction, the shareholders of Polymath will receive such number of shares of Class A common stock of TruGolf equal to approximately 19.9% of the total outstanding TruGolf Class A common shares immediately prior to closing.

Additionally, in connection with the Transaction, TruGolf will raise aggregate gross proceeds of $3.0 million from existing holders of TruGolf's Series A preferred stock concurrently with the closing.

The transaction has been unanimously approved by the boards of directors of both TruGolf and Polymath and is expected to close in the third quarter of 2026, subject to customary closing conditions.

The closing conditions include TruGolf maintaining a minimum market value of listed securities of at least $10.0 million for a period of at least ten consecutive trading days.