- Golf simulation producer TruGolf Holdings has engaged wholly owned subsidiary Polymath to migrate the capitalization table of its TruGolf Links franchise business onto Polymesh, a blockchain designed for regulated digital securities.
- The agreement marks the first internal technology deployment since TruGolf completed its acquisition of Polymath on October 8, 2026, as the combined company seeks to pair TruGolf’s established golf simulation business with Polymath’s digital securities infrastructure.
- TruGolf Links’ Regional Developers in New Jersey, New York, and Illinois represent more than 100 future locations, as the network scales toward 221+ committed locations.
- The tokenized ownership infrastructure is intended to support investor onboarding and compliance controls as the franchise network expands.
- TruGolf and Polymath are developing an equipment leasing program and fractional franchise ownership opportunities for qualified franchisees, with initial rollout targeted for the first quarter of 2027.
TruGolf Holdings (NASDAQ: TRUG), a producer of advanced golf simulation systems for home or entertainment venues, has engaged its newly acquired subsidiary Polymath to put the ownership records of its indoor golf franchise business onto a blockchain-based securities platform, marking the first technology deployment announced since TruGolf and Polymath officially combined October 8, 2026.
Under an intercompany agreement announced October 14, TruGolf Links Franchising LLC will work with Polymath Research Inc. to migrate its capitalization table, or cap table, onto Polymesh, a public, permissioned blockchain designed for regulated digital assets. The system is intended to incorporate investor identity verification and transfer restrictions into the digital representation of equity ownership (https://ibn.fm/Ikbrm).
The agreement follows TruGolf’s completion of its acquisition of Polymath on October 8. It provides an initial practical application for the tokenization business within TruGolf’s existing operations, rather than an external customer deployment.
The companies are also developing an equipment leasing program and fractional franchise ownership opportunities for qualified franchisees. Initial rollout is targeted for the first quarter of 2027.
The development links two different business models: TruGolf’s golf simulation hardware and software operations, and Polymath’s technology for issuing and managing tokenized securities.
TruGolf Links uses a Regional Developer model in which operators acquire exclusive territories in markets with populations of one million or more. The company opened its flagship location at Plaza at Cherry Hill in New Jersey in July. TruGolf Links’ Regional Developers in New Jersey, New York, and Illinois represent more than 100 future locations, as the network scales toward 221+ committed locations. These are planned locations represented by developer commitments, not operating facilities.
As a franchise network grows, keeping ownership records accurate and managing transfers can become more complex. Polymath’s planned cap-table migration is intended to provide a centralized, real-time record of equity ownership while embedding identity checks and restrictions on transfers into the tokenization infrastructure. The structure is designed to help support compliance with applicable securities laws.
In the company’s announcement of the engagement, TruGolf Links President Nate Larsen described the project as a next step in applying technology not only to how golf is played, but also to how the underlying business is owned.
“TruGolf has spent more than forty years proving the game belongs indoors. Every bay we open runs on TruGolf’s trusted simulation technology. Now the business behind those bays runs on technology built for where we believe capital markets are heading. We built the future of how golf is played. This is the next chapter: how it’s owned,” Larsen said.
Natalie Hirsch, TruGolf’s chief financial officer and chief operating officer, and Polymath’s chief executive officer, characterized the deployment as an early example of pairing an operating business with digital securities infrastructure.
TruGolf has operated in golf technology for more than four decades. Its business includes indoor golf simulation systems, software and the E6 platform, which supports digital golf experiences and competition. TruGolf Links offers indoor golf facilities with memberships, leagues, lessons, tournaments and private events. Its expansion model depends on franchise development and the ability to attract operators who can finance and run additional locations.
Founded in 2017, Polymath developed the ST-20 security token standard and launched Polymesh in 2021. Its technology is designed to support the issuance and administration of digital securities, with identity and compliance functions built into the network.
For more information, visit the company’s website at www.TruGolf.com.
NOTE TO INVESTORS: The latest news and updates relating to TRUG are available in the company’s newsroom at https://ibn.fm/TRUG
Important Notice
No securities are currently being offered pursuant to this announcement. Any future offering, including any equipment leasing or fractional franchise ownership opportunity, will be made only pursuant to applicable offering documents and in accordance with applicable securities laws and regulations. This release is not an offer to sell or a solicitation of an offer to buy any security, and is not a recommendation with respect to any investment.
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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as forward-looking information within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and include statements regarding beliefs, plans, expectations, intentions, estimates, projections, or assumptions regarding future events or performance.
Forward-looking statements in this press release include, but are not limited to, statements regarding: the services to be provided by Polymath to TruGolf Links and the anticipated benefits of the agreement; the migration of TruGolf Links’ capitalization table to tokenized form; the anticipated development and timing of TruGolf Links’ equipment leasing program and fractional franchise ownership opportunities; the expected growth of the TruGolf Links franchise network; and the anticipated benefits of TruGolf’s acquisition of Polymath.
Forward-looking statements are generally identified by words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “projects,” “estimates,” “may,” “will,” “would,” “could,” “should,” and similar expressions or the negative thereof. These statements are based on current expectations, assumptions, and estimates of management as of the date of this press release and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or developments to differ materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: TruGolf’s ability to successfully integrate Polymath’s business and realize the anticipated benefits of the acquisition; TruGolf Links’ ability to open committed locations; risks related to digital assets, tokenized securities, and token-related initiatives; changes in market conditions; changes in applicable laws or regulations; competitive pressures; general economic and business conditions; and other risks and uncertainties described from time to time in TruGolf’s filings with the Securities and Exchange Commission.
Although management believes that the assumptions and expectations reflected in the forward-looking statements are reasonable as of the date hereof, no assurance can be given that such expectations will prove to be correct. Readers are cautioned not to 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 any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
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