TruGolf Sets a 1-for-10 Reverse Split of Class A Stock

TruGolf Holdings (TRUG) announced a 1-for-10 reverse split of its Class A common stock, cutting the outstanding Class A count from roughly 12.44 million shares to roughly 1.24 million.

TruGolf Holdings (TRUG) is taking ten shares and making them one. The golf-simulator company said it will carry out a 1-for-10 reverse split of its Class A common stock, a move that leaves the business unchanged but rewrites the arithmetic of its share count and, by extension, its quoted price.

The company put the pre-split Class A base at approximately 12.44 million shares outstanding. Applying the stated ratio, that figure falls to roughly 1.24 million Class A shares once the split takes effect — an illustrative result of the arithmetic the company described rather than a separately reported total.

The announcement was carried by Nasdaq Markets.

What the ratio does to the tape

A reverse split is a bookkeeping exercise with a cosmetic consequence. Every holder ends up with one-tenth as many shares, each nominally worth ten times as much. Nobody's stake in the company changes. Nobody's proportional claim on earnings or assets changes. What changes is the number printed on the quote screen.

That number has been the problem. TRUG last traded at 0.41, down 10.84% from the prior close of 0.46, with a session range of 0.39 to 0.43, as of the market close on Wednesday, 24 September 2026. A stock that swings between 0.39 and 0.43 inside a single day is moving a full percentage point on a fraction of a cent — the kind of price where the spread itself becomes a meaningful cost of trading.

Mechanically applied to the last close, a 1-for-10 ratio implies a post-split reference price of about 4.10 — again, arithmetic rather than a forecast. Where the shares actually settle once the split is effective depends entirely on what buyers and sellers decide the company is worth on the day, and reverse splits have a long history of failing to hold the level the multiplication implies.

Why sub-dollar companies reach for this tool

Companies rarely reverse-split because they want to. They do it because a low nominal price carries consequences that have nothing to do with operations.

Listing standards. Major U.S. exchanges maintain minimum bid price requirements. Trading persistently below a dollar puts a company on a compliance clock, and the reverse split is the standard remedy once other options are exhausted.
Institutional mandates. Many funds are barred by their own rules from holding stocks under a set price threshold. A penny-range quote removes a company from the eligible universe of a large share of professional capital.
Options and margin eligibility. Low-priced shares are often excluded from margin lending and derivatives listings, thinning the ecosystem of participants around the stock.
Perception. Fairly or not, a sub-dollar quote signals distress to customers, lenders and counterparties as much as to investors.

None of these pressures is fixed by multiplying the price. They are deferred. The split buys time and access; whether the company uses that time productively is a separate question that the ratio cannot answer.

The dual-class detail worth noticing

TruGolf's announcement specifies Class A common stock. Dual-class structures typically pair a publicly traded, lower-vote Class A with a founder- or insider-held class carrying enhanced voting rights. That matters here for two reasons.

Dual-class structures typically pair a publicly traded, lower-vote Class A with a founder- or insider-held class carrying enhanced voting rights.

First, the 12.44 million figure describes the Class A count alone, not the company's entire equity base. Anyone modelling market capitalisation or per-share metrics from that number is working with a partial denominator.

Second, a reverse split applied to a class that trades publicly does nothing to shift the balance of control. Voting power that sits outside Class A stays where it is, proportionally. Shareholders who have watched their percentage ownership erode through successive capital raises — the pattern that tends to drive a stock toward the penny range in the first place — get no relief from a ratio change. The share count shrinks; the dilution that produced it does not reverse.

What holders should watch from here

The practical checkpoints for anyone holding the stock are procedural rather than strategic.

The effective date and the new CUSIP. Brokerages process the exchange automatically, but the ticker and identifier change is when the new quote begins.
Fractional share treatment. A 1-for-10 ratio leaves anyone holding a share count not divisible by ten with a remainder. Companies typically either round up or pay cash in lieu; the mechanics determine whether very small positions survive intact.
Whether the post-split price holds. The first several sessions after a reverse split are the real test. Drift back toward the pre-split level, adjusted for the ratio, is the failure mode that makes the exercise a temporary fix.
Authorised share count. Reverse splits sometimes leave the authorised share ceiling unchanged, which materially increases headroom for future issuance relative to shares outstanding. That is the structure investors should examine in the filing itself.

Backdrop: a quiet session for the broad market

The announcement lands against a flat tape. At the 24 September close, the S&P 500 proxy SPY finished at $767.18, down 0.08% from $767.81, while the Nasdaq 100 proxy QQQ closed at $741.10, essentially unchanged at -0.01%. The Dow 30 tracker DIA was the weakest of the three at $512.68, off 0.32%.

In other words, TRUG's 10.84% decline was a company-specific event, not a market one. Micro-cap names trading in the cents routinely post double-digit percentage moves on volume that would be a rounding error in a large-cap stock, and the gap between the broad indices and this particular ticker underscores how little the two have to do with each other.

For TruGolf, the split is a starting point rather than a resolution. It restores a normal-looking quote. Sustaining one is the harder task.

Key facts

Ticker and last price: TRUG — 0.41 at the close on 24 Sep 2026, down 10.84%
Split ratio: 1-for-10 reverse split of Class A common stock
Class A shares outstanding: Approximately 12.44 million before the split
Session range: 0.39 to 0.43; prior close 0.46

Frequently asked questions

What is TruGolf's reverse split ratio?

TruGolf Holdings announced a 1-for-10 reverse split of its Class A common stock. Every ten existing Class A shares become one share. The company said the action reduces the outstanding Class A count from approximately 12.44 million shares, which by that ratio works out to roughly 1.24 million shares on an illustrative basis.

Does a reverse split change what my stake is worth?

Not in itself. A reverse split is proportional: you hold fewer shares, each with a correspondingly higher nominal value, and your percentage ownership of the company is unchanged. The company's assets, revenue and liabilities are unaffected. What changes afterwards depends on how the market prices the stock once the new quote begins trading.

Why do companies carry out reverse stock splits?

The most common reason is exchange listing compliance. Major U.S. exchanges require a minimum bid price, and a stock trading persistently below that threshold faces delisting. Reverse splits also restore eligibility for institutional funds with price floors, and for margin lending and options listing, all of which are typically closed to sub-dollar shares.

Where did TRUG last trade?

TRUG last closed at 0.41, down 10.84% from the prior close of 0.46, with a session range of 0.39 to 0.43. That price is as of the last trade on 24 September 2026 at 20:00 GMT. The market was closed at the time of writing, so this is the most recent close rather than a live quote.

What happens to fractional shares in a 1-for-10 split?

Holders whose share counts are not evenly divisible by ten end up with a fractional remainder. Companies generally handle this either by rounding up to a whole share or by paying cash in lieu of the fraction. The specific treatment is set out in the company's filing and determines the outcome for very small positions.

Does the split affect TruGolf's other share class?

The announcement specifies Class A common stock and the 12.44 million figure refers to that class alone, not the company's full equity base. In a dual-class structure, a reverse split applied to the publicly traded class leaves the relative voting balance between classes unchanged on a proportional basis.

Sources

TruGolf Announces 1-for-10 Reverse Stock Split — Nasdaq Markets