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TruGolf Holdings, Inc. (NASDAQ:TRUG), an $85.6 million market cap company whose stock has surged 48.51% in the past week, announced Monday that it has completed the exchange of all remaining PIPE Convertible Notes for shares of Series A Preferred Stock and amended terms related to certain warrants, according to a statement based on a Securities and Exchange Commission filing. According to InvestingPro analysis, the company currently trades slightly above its Fair Value.
The company reported that holders of its PIPE Convertible Notes agreed to waive the final closing condition to a previously disclosed exchange agreement, resulting in the exchange of $3,938,311 in outstanding notes for 3,938.311 shares of Series A Preferred Stock. This transaction represents 100% of the remaining PIPE Convertible Notes. InvestingPro data shows the company maintains a strong balance sheet position, holding more cash than debt.
As part of the agreement, TruGolf Holdings also extended the expiration date of warrants to purchase Series A Preferred Stock held by these noteholders by two years.
Additionally, the company disclosed that on Monday, a holder of warrants to purchase 18,333 shares of Series A Preferred Stock exercised warrants for 5,555 shares, generating approximately $5.0 million in cash proceeds for TruGolf Holdings. In connection with this exercise, the company and the warrant holder entered into a waiver agreement that removes the requirement for company consent on certain future warrant exercises, unless TruGolf completes an equity financing with gross proceeds exceeding $10.0 million within three months of the note exchange. With annual revenues of $22.24 million, this cash injection represents a significant boost to the company’s financial position. Discover more key financial metrics and 12 additional exclusive insights with InvestingPro.
The transactions were conducted under exemptions from registration provided by Sections 4(a)(2) and 3(a)(9) of the Securities Act of 1933 and Regulation D.
TruGolf Holdings is listed on the Nasdaq Stock Market under the symbol TRUG. The company describes these actions in a press release statement filed with the SEC.
In other recent news, TruGolf Holdings, Inc. has announced several significant developments. The company is set to launch its portable golf monitor, LaunchBox, globally on July 1, 2025, which utilizes high-speed cameras and infrared sensors to measure ball data. In a strategic move, TruGolf has also signed a definitive agreement to acquire mlSpatial, an AI and machine learning engineering firm, to enhance its golf simulation technology. Additionally, TruGolf has implemented a 1-for-50 reverse stock split of its Class A common stock, effective June 23, 2025, while maintaining the same Nasdaq ticker symbol.
The company has increased its authorized Class A Common Stock shares from 90 million to 650 million following a special stockholder meeting. This amendment aligns with Nasdaq compliance requirements, specifically the issuance of Class A common stock upon conversion of Series A Preferred Stock. Furthermore, TruGolf has secured an extension from the Nasdaq Hearings Panel to meet listing requirements, with plans to transition its listing to the Nasdaq Capital Market. These developments reflect TruGolf’s ongoing efforts to expand its market presence and enhance its technological capabilities.
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