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SALT LAKE CITY - TruGolf Holdings, Inc. (NASDAQ: TRUG), a $9.73 million market cap golf technology company with annual revenue of $22.24 million, announced Wednesday it has signed a definitive agreement to acquire mlSpatial, an AI and machine learning engineering firm. According to InvestingPro data, TruGolf maintains a strong cash position, holding more cash than debt on its balance sheet.
The acquisition follows a partnership that began in March 2024 when the companies established a licensing agreement to co-develop an AI engine for TruGolf’s Apogee Launch Monitor.
TruGolf plans to integrate mlSpatial’s AI technologies across its product line, including the Apogee Launch Monitor, Launchbox, Multisport Arcade, and E6 Apex.
"Acquiring mlSpatial marks a significant milestone in our commitment to revolutionize golf simulation through cutting-edge AI integration," said Chris Jones, TruGolf CEO, according to the press release.
Josh Pomazal, founder of mlSpatial, stated that the company will leverage TruGolf’s real-time data collection to refine products using advanced machine learning and AI models.
The acquisition comes amid growing investment in artificial intelligence infrastructure. In January 2025, a private-sector initiative called the Stargate Project was announced, aiming to invest up to $500 billion in AI infrastructure within the United States.
TruGolf, which describes itself as a golf technology company focused on making golf accessible through technology, has not disclosed the financial terms of the acquisition.
The company’s products include hardware, software, and web solutions designed to enhance golf play and training.
This article is based on a press release statement from TruGolf Holdings.
In other recent news, TruGolf Holdings, Inc. has made several strategic moves to address compliance and enhance shareholder value. The company announced an increase in authorized Class A Common Stock shares from 90 million to 650 million, following stockholder approval. This change is part of TruGolf’s efforts to comply with Nasdaq’s listing requirements, which also include a reverse stock split authorization and securing an extension from Nasdaq to meet these standards. Additionally, TruGolf has initiated a stock repurchase program, authorizing the buyback of up to $2 million of its Class A common stock. This program is intended to bolster shareholder value and reflects the company’s confidence in its financial position. To further strengthen its compliance strategy, TruGolf has secured a $20 million Equity Line of Credit to provide liquidity without affecting shareholder equity. The company is actively working to meet Nasdaq’s minimum bid price and stockholders’ equity requirements, having been granted a temporary exception to do so. TruGolf’s plans, including the potential reverse stock split, are aimed at maintaining its listing on the Nasdaq Capital Market.
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