TruGolf appoints interim CEO, announces reverse stock split

SALT LAKE CITY - TruGolf Holdings, Inc., a company trading on NASDAQ under the ticker symbol TRUG, has announced significant changes as it moves forward with its acquisition of Polymath Research Inc. The company's Chairman, Brenner Adams, has stepped in as interim Chief Executive Officer following the resignation of founder Chris Jones on September 23.

Jay Heller, currently the Chief Executive Officer of K Lab and a former Vice President and Head of Capital Markets and IPO Execution at Nasdaq, has been appointed to the Board of Directors.

In response to the upcoming acquisition, TruGolf has announced a 1-for-10 reverse stock split of its Class A common stock, effective on Monday. The new trading symbol for the stock will be 243733607. This move is intended to increase the stock price and make it more affordable for investors.

TruGolf is in the process of acquiring Polymath, a company that specializes in infrastructure for regulated digital securities and tokenized real-world assets. The acquisition would add Polymath's tokenization platform and Layer-1 blockchain, known as Polymesh, to TruGolf's portfolio. The companies announced their plans to collaborate on an equipment leasing program utilizing tokenized securities and fractional franchise ownership opportunities, with implementation scheduled for the first quarter of 2027.

Polymath has also formed partnerships with High Ridge Trust, a regulated U.S. trust company focusing on institutional digital assets, and has joined the STO Foundation as Founding Partners. TruGolf RANGE, a product enabling up to five players to practice simultaneously on a single screen, was recently installed at its first location in New Albany, Indiana. TruGolf manufactures indoor golf solutions and operates an e-sports platform called E6 CONNECT.