TruGolf Improves Balance Sheet with Agreement to Eliminate All Convertible Notes

Core Viewpoint - TruGolf Holdings, Inc. has announced an agreement to convert all outstanding convertible notes into Series A Preferred Stock, aiming to improve its capital structure and reduce debt to comply with NASDAQ listing requirements [1][2]. Group 1: Financial Restructuring - The company will exchange all outstanding convertible notes for newly created Series A Preferred Stock, eliminating approximately $9.3 million in outstanding debt [1]. - Existing common stock warrants associated with the convertible notes will be exchanged for Series A Preferred Stock and additional warrants, potentially generating $15.1 million in gross proceeds if fully exercised [1]. - Founders of TruGolf will convert existing dividends owed to them into a mix of Class A and Class B common stock [1]. Group 2: Conditions and Approvals - The exchange of convertible notes and conversion to Series A Preferred Stock is contingent upon receiving shareholder approval, with a vote planned for the future [2]. Group 3: Company Background - TruGolf has been a key player in the golf industry since 1983, focusing on innovative indoor golf solutions and technology to make golf more accessible [4]. - The company aims to grow the game of golf by making it more available, approachable, and affordable through its products and services [4].