TruGolf amends Polymath deal to fix Series C preferred terms at USD 1,000 stated value, USD 3.94 conversion price
TRUG•Share and preferred stock terms
Polymath holders will receive Class A stock equal to 19.9% of outstanding shares immediately before closing, plus Series C preferred.
Series C converts at USD 3.94 per Class A share, with automatic conversion slated for 5 p.m. ET two business days after required approvals.
Ownership cap and Nasdaq approval
Conversions are capped at 19.99% aggregate ownership until any required Nasdaq listing approval, with excess shares voided and canceled.
Amendment to Polymath acquisition terms
TruGolf is acquiring Canada-based Polymath Research through an amalgamation with its wholly owned Canadian subsidiary, leaving Polymath as a wholly owned unit.
An amendment dated Sept. 8 fixes the Series C convertible preferred issuance at the Series C Preferred Value divided by USD 1,000 stated value.
