TruGolf to acquire Polymath in 19.9% stock deal

• TruGolf agreed to acquire Polymath Research in an all-share transaction involving Class A common stock and non-voting Series C preferred shares.
• TRUG shares rose 27.94% to $1.97 in early trading following the announcement, with trading activity sharply elevated.
• The companies target a Q3 2026 closing, subject to TruGolf meeting Nasdaq market-value requirements and obtaining required approvals.

TruGolf (NASDAQ:TRUG) agreed to acquire Polymath Research in an all-share transaction that would give Polymath shareholders Class A shares equal to about 19.9% of TruGolf’s pre-closing Class A stock.

Polymath generated $4.2 million in 2025 revenue and held $21 million in assets, while TruGolf plans to raise $3 million from existing Series A preferred holders at closing.

Polymath shareholders will also receive non-voting Series C preferred stock, while the transaction requires TruGolf to maintain at least $10 million in listed-securities market value for ten consecutive trading days.

Following the announcement, TruGolf's share price was up 27.94% at $1.97 in early premarket tracking.

The combined company would remain listed on Nasdaq, with Polymath CFO Natalie Hirsch expected to become Chief Financial Officer and Chief Operating Officer after closing.

Both boards unanimously approved the transaction and said they expect it to close in Q3 2026, subject to regulatory, third-party and other customary closing conditions.