TruGolf Holdings, Inc. (NASDAQ:TRUG) announced a series of corporate developments during September, including a reverse stock split and management changes, as the company continues work on its proposed acquisition of Polymath Research Inc.
Founder Chris Jones resigned as chief executive officer, while Chairman Brenner Adams was appointed interim CEO.
TruGolf also appointed Jay Heller to its board of directors. Heller is CEO of K Lab and previously served as vice president and head of capital markets and IPO execution at Nasdaq.
TruGolf Sets 1-for-10 Reverse Stock Split
TruGolf announced a 1-for-10 reverse stock split of its Class A common stock, effective September 29, 2026.
Following the reverse split, the shares will trade under the new CUSIP number 243733607.
Under a 1-for-10 reverse stock split, every 10 existing shares are consolidated into one share.
TruGolf and Polymath Plan Tokenized Financing Programs
TruGolf Links and Polymath also announced plans to develop an equipment leasing program funded through tokenized securities.
The companies are additionally planning fractional franchise ownership opportunities for qualified franchisees. The initiatives are targeted for the first quarter of 2027.
Polymath and its Polymesh blockchain have joined the STO Foundation as founding partners. The organization is scheduled to become the Tokenized Asset Foundation on October 1.
Polymath has also entered into a partnership with High Ridge Trust, a regulated U.S. trust company focused on institutional digital assets.
Polymath Acquisition Remains in Progress
TruGolf originally announced its proposed acquisition of Polymath on August 18.
If completed, the transaction would bring Polymath’s tokenization platform and Polymesh blockchain under TruGolf, a Nasdaq-listed company.
The source material did not provide an updated completion date or additional terms for the proposed acquisition.
TruGolf RANGE Installed at First Location
TruGolf also installed its TruGolf RANGE product at its first location in New Albany, Indiana.
The product allows as many as five players to practice simultaneously using a single screen and provides ball flight data and swing analytics.