TruGolf Completes 1-for-50 Reverse Split, Files $200M S-3 for Growth

Introduction

TruGolf Holdings Inc. (NASDAQ: TRUG) designs and manufactures golf simulators and associated software for residential, commercial, and entertainment applications. The company became publicly traded in February 2024 following its business combination with Deep Medicine Acquisition Corp.

Corporate Structure and Experience

Headquartered in Salt Lake City, TruGolf employs between 51 and 200 professionals, including software engineers, hardware designers, and sports technology specialists. The company's products include:

• LaunchBox and APOGEE launch monitors, which deliver club-and-ball data without the need for specialty balls.
• E6 CONNECT and E6 APEX software, which provide slow-motion replay, voice control, and real-time analytics.
• TruGolf MAX simulators, which are turnkey systems equipped with 15′ impact screens.

Golf simulator by Will Porada

Developments and News

• June 18, 2025: TruGolf filed an amendment to effect a 1-for-50 reverse stock split of its Class A common stock.
• June 23, 2025 (12:01 a.m. EST): The reverse stock split took effect. The number of outstanding shares was reduced from approximately 40.5 million to about 0.8 million, while the number of authorized shares remains at 650 million. Fractional entitlements were compensated in cash.
• November 14, 2025: TruGolf submitted its Form 10-Q for the quarter ended September 30, 2025.
• November 18, 2025: The company filed a Form S-3 registration statement to offer up to $200 million of securities, including Class A common stock, preferred stock, debt securities, and warrants.

Financial and Strategic Analysis

For fiscal 2024, TruGolf reported revenue of $21.86 million, an increase of 6.19% from $20.58 million in 2023, and a net loss of $8.80 million, reduced by 14.47% year-over-year. The June reverse stock split addressed Nasdaq's minimum price requirements, while the S-3 registration offers flexibility to raise capital through various instruments. Proceeds are anticipated for:

• Advancing simulator technology and software functionalities.
• Expanding commercial installations and franchise projects.
• Evaluating potential acquisitions in the sports technology sector.

Public-float regulations currently limit primary offerings to one-third of the float's value in a 12-month span when the float is below $75 million. TruGolf intends to manage these constraints with structured prospectus supplements.

Market Position and Industry Context

TruGolf operates in the indoor sports simulation market, catering to golf instructors, individual golfers, and entertainment venues. Its integration of hardware and software—highlighted by features such as real-time ball tracking and immersive HD visuals—distinguishes TruGolf from standalone launch monitors or software-only solutions. With a history of over two decades of global installations, the company aims to leverage the demand for continuous training and socially engaging golf experiences.

tl;dr

On June 23, 2025, TruGolf executed a 1-for-50 reverse stock split to comply with Nasdaq regulations. On November 18, 2025, it filed a Form S-3 to register up to $200 million in equity, debt, and warrants. As of November 18, 2025, shares traded at $1.23 on Nasdaq (volume: 953,274). The company's near-term focus involves capital raises to support product rollouts and software enhancements while adhering to public-float limitations.