TruGolf Holdings, Inc. closed its acquisition of Polymath Research Inc., the Canadian company that was involved in the creation of the security token category and built Polymesh, a Layer-1 blockchain designed from the ground up for regulated assets. Announced on October 9, 2026 in Salt Lake City, Utah, Polymath becomes part of Nasdaq-listed TruGolf (NASDAQ: TRUG), with Natalie Hirsch named CFO and COO and a $2.95 million warrant exercise strengthening cash position.
The acquisition creates a single digitization company with two complementary revenue streams: TruGolf's established golf simulation and software business and Polymath's institutional tokenization infrastructure. Polymath brings an established platform to the combined company. The two businesses are already working together: TruGolf Links and Polymath are developing an equipment leasing program funded through tokenized securities, along with fractional franchise ownership opportunities for qualified franchisees, targeted for the first quarter of 2027. TruGolf Links' Regional Developers in New Jersey, New York, and Illinois represent commitments for more than 100 future locations.
Tokenized real-world assets now total more than $38 billion on public blockchains, held by more than 5 million investors, according to RWA.xyz data as of October 1, 2026. Wall Street's core infrastructure is moving with it: in July, the Depository Trust & Clearing Corporation completed its first live production trades of tokenized U.S. Treasuries, equities, and ETFs with about 40 participating firms, ahead of the full launch of its tokenization service this month. Polymath's infrastructure is built for exactly this kind of institutional, compliance-first issuance.
With the Transaction now complete, TruGolf will continue to run its golf technology business, including its simulators and the E6 platform, while Polymath operates as a wholly owned subsidiary. As part of a public company, Polymath gains access to the public capital markets to fund the next stage of Polymesh adoption among financial institutions, issuers, and other market participants.
"TruGolf was built on the idea that technology can open up something that used to feel exclusive. We did it for golf, and Polymath is doing it for capital markets. Polymath's team has been building regulated tokenization infrastructure for many years, and today that work sits inside a Nasdaq-listed company with the transparency and accountability that comes with it. We're proud to give this team a public-market platform at a moment when institutions are finally ready to move." According to Brenner Adams, TruGolf's interim CEO and Chairman of the Board:
Upon closing of the Transaction, Natalie Hirsch, who led Polymath as CFO and interim CEO through the Transaction, was appointed as Chief Financial Officer and Chief Operating Officer of TruGolf, and David Hackett joined TruGolf's Board.
"Tokenization is moving out of the pilot stage, and the institutions leading that shift need infrastructure they can trust with regulated assets. That is what Polymath has spent the past nine years building, and it is why Polymesh was designed with compliance at the protocol level. Joining a Nasdaq-listed company gives us the capital access and public-market discipline to scale with our clients. My focus now is execution: bringing more issuers and more assets onto Polymesh." According to Natalie Hirsch, Chief Financial Officer and Chief Operating Officer of TruGolf and Interim CEO & CFO of Polymath:
Founded in 2017, Polymath introduced the ST-20 security token standard and has spent over nine years building the issuance, compliance, and lifecycle tools that regulated securities need on a blockchain. In 2021, it launched Polymesh, its public, permissioned Layer-1 blockchain where identity, compliance, and settlement are built into the chain itself. Polymath contributed the ERC-1400 security token standard and has supported issuers and institutions across private equity, credit, real estate, funds, and other asset classes. Polymesh, which achieved SOC 2 Type 1 compliance in 2025, is secured by licensed financial institutions acting as node operators and supported by an ecosystem of more than 50 companies, including AlphaPoint, Dfns, and Zodia.
As previously disclosed, TruGolf exchanged its outstanding Series A preferred warrants for Series B preferred warrants in connection with the completion of the Transaction. On October 7, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement, pursuant to which holders exercised Series B preferred warrants for 3,278 shares of Series B preferred stock, resulting in aggregate net proceeds to TruGolf of $2.95 million.
About TruGolf
Since 1983, TruGolf has been passionate about driving the golf industry forward with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by making it more available, approachable, and affordable through technology, because TruGolf believes that golf is for everyone. TruGolf's team has built award-winning video games, innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.
About Polymath
Polymath is a Canadian technology company that develops enterprise-grade capital markets infrastructure for the issuance, compliance, and lifecycle management of regulated digital securities and other tokenized financial instruments.
Polymath enables issuers, investors, and market participants to create and manage tokenized representations of real‑world assets within compliant frameworks, supporting investor onboarding, regulatory controls, and post‑issuance administration across private and institutional markets.
