Salt Lake City – October 14, 2026 -- TruGolf Links Franchising, LLC has signed an intercompany agreement with Polymath Research Inc. to move its capitalization table onto Polymesh, a regulated blockchain, as the franchise network works toward more than 221 committed locations.
TruGolf Holdings (NASDAQ: TRUG) owns both parties. The agreement came six days after TruGolf closed its acquisition of Polymath on October 8, 2026. It is the first Polymath engagement signed inside the combined company.
Polymath will migrate TruGolf Links equity records to a tokenized cap table on Polymesh
Under the deal, Polymath will provide professional services and build investor onboarding, identity verification and transfer restrictions directly into the token. The structure is designed to facilitate compliance with applicable securities law requirements. TruGolf describes the outcome as a single, real-time record of ownership with compliance written into the asset.
Polymath introduced the ST-20 security token standard and launched Polymesh in 2021. Polymesh is a public, permissioned Layer-1 blockchain that builds identity, compliance and settlement into the chain.
Regional Developer commitments in three states anchor the expansion plan
TruGolf Links sells exclusive territories to Regional Developers in markets of one million people or more. Its flagship location opened at Plaza at Cherry Hill, New Jersey, in July. Regional Developers in New Jersey, New York and Illinois represent commitments for more than 221 future locations.
Equipment leasing and fractional franchise ownership target a Q1 2027 rollout
The agreement also lays groundwork for an equipment leasing program and fractional franchise ownership opportunities for qualified franchisees. TruGolf Links and Polymath are developing both, with initial rollout targeted for the first quarter of 2027.
No securities are currently being offered. Any future offering will proceed only under applicable offering documents and securities laws.
Natalie Hirsch, CFO and COO of TruGolf and Interim CEO and CFO of Polymath, said TruGolf Links is the first deployment and gives growing private companies a working model of a tokenized cap table.
Integration and token-related risks remain flagged by TruGolf
TruGolf cited several risks to the plan: its ability to integrate Polymath and realize the acquisition's benefits, and TruGolf Links' ability to open committed locations. It also named risks tied to digital assets and tokenized securities, and potential changes in applicable laws or regulations.