TruGolf to Acquire Polymath Research Inc., Bringing Tokenization Innovator to the Public Markets on Nasdaq
Polymath would become one of the first purpose-built Layer-1 blockchain companies focused on regulated securities to enter the Nasdaq public markets
SALT LAKE CITY, Utah, and TORONTO, Canada, Aug. 18, 2026 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG) (“TruGolf” or the “Company”) and Polymath Research Inc. (“Polymath”) announced that they entered into an acquisition agreement dated August 17, 2026, under which TruGolf will acquire Polymath in exchange for shares of TruGolf Class A common stock and non-voting Series C preferred stock.
The proposed transaction would bring Polymath’s regulated digital-securities infrastructure into the public markets while TruGolf remains listed on Nasdaq.
Polymath is a privately held Canadian technology company focused on the issuance, compliance and lifecycle management of regulated digital securities and other tokenized financial instruments.
The companies said the transaction could position the combined business at the center of a broader shift toward blockchain-based ownership, issuance and trading of financial assets.
Polymath Brings Institutional Tokenization Infrastructure
Tokenization allows real-world assets such as securities, investment funds and private-market investments to be represented digitally on a blockchain.
The technology has the potential to make traditionally illiquid assets faster to issue, less expensive to administer and more accessible for continuous trading.
Polymath is the creator of Polymesh, an institutional-grade Layer-1 blockchain designed specifically for regulated assets.
Unlike general-purpose blockchain networks, Polymesh incorporates compliance, identity verification and governance requirements directly into the underlying network.
This architecture is designed to allow banks, asset managers and other regulated institutions to issue and manage tokenized securities while operating within existing legal and regulatory frameworks.
Following Polymath’s acquisition of Polymesh Labs earlier in 2026, the company brought the blockchain network and its tokenization platform together under one organization.
Polymath said this gives institutions a more integrated path for issuing and managing regulated financial assets on-chain.
The company reported $4.2 million in revenue during 2025 and approximately $21 million in total assets.
Polymath to Enter Public Markets Through TruGolf
Under the proposed combination, Polymath will become part of TruGolf, which is expected to continue trading on Nasdaq.
Polymath shareholders will become shareholders of the combined company and receive a combination of TruGolf Class A common shares and non-voting Series C preferred shares.
The transaction provides Polymath with access to the public equity markets while giving TruGolf exposure to the growing market for institutional blockchain and tokenization infrastructure.
In connection with the transaction, TruGolf also expects to raise $3.0 million in aggregate gross proceeds, based on stated value, from existing holders of TruGolf’s Series A preferred stock concurrently with the closing.
TruGolf Sees Tokenization as New Growth Opportunity
Brenner Adams, Chairman of the Board of TruGolf, described the acquisition as a new chapter for the company.
“This acquisition marks an exciting new chapter of growth for TruGolf. Our Company will now have exposure to one of the fastest-growing areas of financial infrastructure while the golf simulation business continues to operate with full focus and continuity,” Adams said.
Adams said TruGolf believes tokenization represents an important direction for global capital markets and that Polymath has spent nearly a decade developing infrastructure designed for institutional use.
He added that operating Polymath through a publicly listed company could provide the business with greater credibility and access to capital as institutional adoption develops.
TruGolf believes combining two distinct growth businesses may also accelerate the Company’s path toward profitability while potentially improving how the market values its operations.
Polymath Targets Institutional Adoption
Natalie Hirsch, Chief Financial Officer of Polymath, said the transaction represents a major milestone for both Polymath and the tokenization industry.
“This transaction marks a pivotal moment for Polymath and the broader tokenization industry as a whole,” Hirsch said.
She said becoming part of a Nasdaq-listed company could provide Polymath with the transparency, credibility and capital-market access that institutional partners increasingly expect.
Polymath was built to make regulated digital securities practical at scale, according to Hirsch, who said the public-market transaction validates years of development by the company.
Following completion of the transaction, Hirsch is expected to serve as Chief Financial Officer and Chief Operating Officer of the combined company.
Natalie Hirsch to Take Senior Role in Combined Company
Hirsch has more than 15 years of experience working across public and private companies in fintech, enterprise software and e-commerce.
She has served as CFO of Polymath for the past two years, overseeing areas including:
- Strategic planning
- Financial modeling
- Operational scaling
- Growth initiatives
- Corporate finance
Previously, Hirsch served as Interim Chief Executive Officer and Chief Operating Officer of AnalytixInsight Inc., a TSX Venture Exchange-listed company.
She also served on the board of the company’s Italian fintech subsidiary.
Before joining AnalytixInsight, Hirsch spent more than four years at Coinsquare as Vice President of Operations.
During that period, she helped establish and scale one of Canada’s early regulated investment dealers and alternative trading systems for digital assets.
Her experience included helping connect traditional capital-market infrastructure with emerging blockchain-based financial systems.
Hirsch is a CPA, CA and PMP and holds an MBA with honors from Tel Aviv University’s Recanati School of Business as well as a Master’s in Management & Professional Accounting from the University of Toronto’s Rotman School of Management.
Transaction Consideration
Under the terms of the acquisition, Polymath shareholders are expected to receive TruGolf Class A common shares equal to approximately 19.9% of TruGolf’s outstanding Class A common shares immediately prior to closing.
Polymath shareholders will also receive non-voting Series C preferred shares.
The number of Series C preferred shares will be determined based on the remaining portion of the total purchase price after subtracting the value represented by the TruGolf Class A shares issued at closing.
That amount will then be allocated based on the number of issued and outstanding Polymath shares immediately before the transaction closes.
Closing Expected in Third Quarter of 2026
The boards of directors of both TruGolf and Polymath have unanimously approved the transaction.
The companies expect the acquisition to close during the third quarter of 2026, subject to customary closing conditions.
One of the conditions requires TruGolf to maintain a minimum market value of listed securities of at least $10 million for at least 10 consecutive trading days.
Other conditions include obtaining applicable:
- Regulatory approvals
- Third-party consents
- Required waivers
- Exchange approvals
- Other closing authorizations
The companies cautioned that there can be no assurance the transaction will be completed on the proposed terms or at all.
Additional details regarding the transaction were included in TruGolf’s Form 8-K filed with the U.S. Securities and Exchange Commission on August 18, 2026.
Why Tokenization Matters for Capital Markets
Tokenization is designed to convert ownership rights in traditional assets into blockchain-based digital tokens.
Potential tokenized assets can include:
- Public and private securities
- Private equity interests
- Investment funds
- Structured financial products
- Real estate-related assets
- Debt instruments
- Other real-world assets
Supporters of tokenization believe blockchain-based infrastructure can reduce administrative complexity while increasing transaction speed, transparency and accessibility.
Traditional financial assets often depend on multiple intermediaries for settlement, ownership records, compliance and administration.
Blockchain-based systems may allow certain processes to be consolidated or automated.
For institutional investors, however, regulatory compliance remains a major requirement.
Polymath designed Polymesh specifically to address this challenge by embedding identity, compliance and governance features directly into the blockchain infrastructure.
Polymesh Designed for Regulated Assets
Polymesh differs from many general-purpose Layer-1 blockchain networks because it was developed specifically for regulated financial instruments.
The network is designed to support requirements associated with institutional capital markets, including:
- Verified participant identities
- Regulatory compliance controls
- Governance
- Asset ownership records
- Corporate actions
- Settlement processes
- Token lifecycle management
This architecture is intended to help financial institutions use blockchain technology without abandoning the compliance structures required for regulated securities.
Polymath believes this specialized approach can make blockchain adoption more practical for institutions that may be unable or unwilling to rely on permissionless general-purpose networks.
End-to-End Tokenization Platform
Following its acquisition of Polymesh Labs, Polymath combined the infrastructure behind the Polymesh blockchain with its broader tokenization technology.
The integrated platform is designed to give institutions an end-to-end system for creating, issuing and managing regulated assets on-chain.
Potential customers include:
- Banks
- Asset managers
- Private-market issuers
- Investment firms
- Financial institutions
- Fund managers
- Other regulated market participants
The platform can support investor onboarding, regulatory controls and administration after securities have been issued.
Polymath's technology is also designed to adapt to evolving regulatory requirements across different markets and asset classes.
Nasdaq Listing Could Expand Institutional Visibility
The proposed transaction would give Polymath exposure to the U.S. public markets through TruGolf’s existing Nasdaq listing.
Management believes operating within a Nasdaq-listed company could increase Polymath’s visibility among investors, institutional customers and strategic partners.
Public-company status may also provide greater access to capital that could be used to expand Polymath’s technology, sales capabilities and institutional relationships.
The transaction comes as financial institutions increasingly evaluate blockchain infrastructure for securities settlement, asset management and private-market investments.
Polymath believes its purpose-built approach positions the company to participate in this developing market.
TruGolf Golf Technology Business to Continue Operating
TruGolf said its existing golf-simulation operations will continue to operate with focus and continuity following the proposed transaction.
The company has been developing golf technologies since 1983 and offers indoor golf products designed to make the sport more accessible through technology.
TruGolf has developed:
- Golf simulation systems
- Hardware technologies
- Video games
- E-sports products
- Connected golfing platforms
Its E6 CONNECT platform is designed to connect golfers through a technology-based golf experience.
TruGolf said it will continue pursuing its existing golf technology business while gaining exposure to Polymath’s blockchain and financial-infrastructure operations.
Two Distinct Growth Businesses
Management believes the combination creates a company with exposure to two separate technology markets.
TruGolf’s existing business focuses on golf simulation, gaming and sports technology, while Polymath operates in blockchain-based capital-markets infrastructure.
The companies believe maintaining both businesses could provide shareholders with exposure to distinct growth opportunities.
TruGolf also believes adding Polymath’s operations may strengthen the combined company’s longer-term financial profile and support its efforts to achieve profitability.
Institutional Tokenization Opportunity
Institutional interest in tokenized assets has grown as financial firms evaluate ways to use blockchain technology to modernize capital-market infrastructure.
Tokenization may potentially improve areas such as:
- Securities issuance
- Settlement
- Ownership tracking
- Investor onboarding
- Compliance management
- Corporate actions
- Private-market liquidity
- Asset administration
Polymath’s strategy focuses on providing infrastructure capable of supporting these activities within regulated environments.
The company believes purpose-built blockchain networks may become increasingly important as financial institutions move beyond experimental blockchain projects toward production-scale systems.
About TruGolf
TruGolf Holdings, Inc. (NASDAQ: TRUG) has developed golf technology and indoor golf solutions since 1983.
The company builds products designed to capture the experience of golf through simulation, gaming and connected technology.
TruGolf’s mission is to make golf more available, approachable and affordable through technology.
The company’s team has developed award-winning video games, hardware solutions and an e-sports platform designed to connect golfers around the world through E6 CONNECT.
TruGolf continues to develop technologies intended to expand what is possible within golf simulation and interactive golf experiences.
About Polymath
Polymath Research Inc. is a privately held Canadian technology company that develops enterprise-grade capital-markets infrastructure for regulated digital securities and tokenized financial instruments.
The company provides technology supporting the issuance, compliance and lifecycle management of tokenized assets across private and institutional markets.
Polymath enables issuers, investors and financial-market participants to create and manage blockchain-based representations of real-world assets while maintaining compliance controls.
Its technology supports:
- Investor onboarding
- Regulatory controls
- Token issuance
- Post-issuance administration
- Digital securities management
- Institutional asset tokenization
Polymath has a long history of developing blockchain-based capital-markets infrastructure.
Its technology is designed to support scalable and compliant deployment of tokenized securities across asset classes including real-world assets, private equity and structured financial products.
The company’s solutions are purpose-built for institutional adoption and evolving regulatory environments.
Contact Information
TruGolf Holdings, Inc.
60 North 1400 West
Centerville, Utah 84014
Phone: 917-886-9071
Email: mbacal@darrowir.com
Polymath Research Inc.
100 King Street West, Suite 5700
Toronto, Ontario, Canada, M5X 1C7
Email: ir@polymath.network
Securities Notice
The announcement does not constitute an offer to sell or a solicitation of an offer to purchase the securities described in the transaction within the United States.
The securities described have not been and are not expected to be registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws.
They may not be offered or sold in the United States or for the account or benefit of a U.S. person unless an applicable exemption from registration requirements is available.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as well as forward-looking information under applicable securities laws.
Forward-looking statements include statements that are not historical facts and may relate to beliefs, plans, expectations, intentions, estimates, projections or assumptions regarding future events and performance.
Forward-looking statements in the announcement include expectations regarding:
- Completion of the Polymath acquisition
- Structure and timing of the transaction
- Related financing
- Issuance and conversion of TruGolf securities
- Size and use of financing proceeds
- Changes to management responsibilities
- Potential changes to TruGolf’s board and management
- Satisfaction of closing conditions
- Regulatory and other required approvals
Forward-looking statements may be identified by terms such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “projects,” “estimates,” “may,” “will,” “would,” “could” and “should.”
These statements reflect management’s current expectations and assumptions and involve known and unknown risks and uncertainties.
Factors that could cause actual results to differ materially include:
- Failure to complete the transaction
- Failure to complete the associated financing
- Inability to satisfy closing conditions
- Failure to obtain regulatory, exchange or shareholder approvals
- Changes in market conditions
- Equity dilution risks
- Risks involving digital assets and token-related initiatives
- Challenges integrating Polymath after closing
- Changes in laws and regulations
- Competitive pressures
- General economic conditions
- Other risks described in TruGolf’s SEC filings
Management believes its assumptions are reasonable as of the date of the announcement, but there can be no assurance that its expectations will prove correct.
Readers should not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made, and TruGolf undertakes no obligation to update or revise them except as required by applicable law.
