TruGolf Holdings, Inc. (TRUG) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
Summary
TRUG currently has 1.09M outstanding shares. with significant dilution risk as 4.51M authorized shares could dilute existing holders by 412.7%. The company has significantly diluted shareholders by 111760465.08% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).
Share Structure Timeline
Historical Data Points
| Date | Event | Outstanding | Supply |
|---|---|---|---|
| May 20, 2026 |
10-Q filing | 1.1M shares outstanding |
1.1M | 4.5M |
| Apr 15, 2026 |
10-K filing | 1.4M shares outstanding |
1.4M | 4.5M |
| Nov 14, 2025 |
10-Q filing | 2.4M shares outstanding |
2.4M | 4.5M |
| Sep 09, 2025 |
S-1/A filing: Estimated solely for the purpose of calculating the registration fee based upon the average of the high and low prices for a share of the registrant's common stock as reported on The NASDAQ Capital Market on September 8, 2025. The securities being registered include such indeterminate number of additional shares of common stock as may be issued after the date hereof as a result of stock splits, stock dividends or similar transactions. |
1.1M | 4.5M |
| Aug 29, 2025 |
S-1/A filing: This prospectus relates to the offer and sale from time to time by the selling securityholders of an aggregate of up to 2,777,500 shares of our Class A common stock issuable upon the conversion of our Series A Convertible Preferred Stock upon the exercise of Warrants to purchase Series A Preferred Stock. |
1.1M | 4.5M |
| Aug 19, 2025 |
10-Q filing | 1.1M shares outstanding |
1.1M | 10M |
| Jul 22, 2025 |
8-K filing: TruGolf Holdings, Inc. consummated the exchange of PIPE Convertible Notes for Series A Preferred Stock and warrants, and a holder exercised Preferred Warrants for cash proceeds. ($5.0M proceeds) |
1 | 10M |
| Jul 18, 2025 |
S-1/A filing: This prospectus relates to the offer and sale from time to time by the selling securityholders of an aggregate of up to 8,416,500 shares of our Class A common stock issuable upon the conversion of our Series A Convertible Preferred Stock. |
1 | 10M |
| Jun 23, 2025 |
Stock Split
8-K filing: Stock split 1-for-50 | Outstanding: 28,461,277 → 1 |
1 | 10M |
| Jun 20, 2025 |
S-1 filing: This S-1 filing relates to the offer and sale of up to 420,825,000 shares of Class A common stock issuable upon the conversion of Series A Convertible Preferred Stock, and upon the exercise of Warrants to purchase Series A Preferred Stock. |
28M | 510M |
| May 15, 2025 |
10-Q filing | 28.5M shares outstanding |
28M | 87M |
| Apr 23, 2025 |
8-K filing: TruGolf Holdings, Inc. entered into Exchange Agreements to exchange PIPE Warrants for Series A preferred stock and warrants and converted approximately $3.9 million in outstanding notes payable into Class B common stock and common stock at a conversion price of $0.31204 per share. |
30M | 87M |
| Apr 15, 2025 |
10-K filing | 29.9M shares outstanding |
30M | 87M |
| Nov 14, 2024 |
10-Q filing | 11.9M shares outstanding |
12M | 87M |
| Sep 23, 2024 |
S-1/A filing: This S-1/A filing relates to the offer and sale of shares of Class A common stock, shares issuable upon conversion of convertible notes, and shares issuable upon the exercise of warrants by selling securityholders. |
13M | 87M |
| Aug 29, 2024 |
S-1/A filing: This S-1/A filing relates to the offer and sale of 4,596,435 shares of Class A common stock, 40,185,185 shares of Class A Common Stock issuable upon conversion of convertible promissory notes, 9,870,684 shares of Class A Common Stock issuable upon exercise of Series A Warrants, 19,375,000 shares of Class A Common Stock issuable upon exercise of Series B Warrants and 632,500 shares of Class A Common Stock issuable upon exercise of Representative Warrants by selling securityholders. |
13M | 87M |
| Aug 29, 2024 |
S-1/A filing: This prospectus relates to the offer and sale from time to time by the selling securityholders named in this prospectus of an aggregate of shares of Class A common stock, shares issuable upon conversion of notes, and shares issuable upon exercise of warrants. |
13M | 87M |
| Aug 21, 2024 |
10-Q filing | 13.3M shares outstanding |
13M | 86M |
| Aug 14, 2024 |
10-Q filing | 13.3M shares outstanding |
13M | 86M |
| Feb 14, 2024 |
S-1 filing: This S-1 filing relates to the offer and sale of Class A common stock by selling securityholders, including shares underlying warrants and convertible notes. |
4.4M | 86M |
| Feb 14, 2024 |
10-Q filing | 11.5M shares outstanding |
12M | 86M |
| Feb 07, 2024 |
8-K filing: TruGolf Holdings, Inc. executed a securities purchase agreement with PIPE Investors to purchase senior convertible notes, Series A warrants, and Series B warrants for a total PIPE Financing amount of up to $15,500,000. |
4.4M | 12M |
| Dec 07, 2023 |
8-K filing: Deep Medicine Acquisition Corp. amended its merger agreement with TruGolf, Inc. and executed additional loan agreements for a PIPE investment, issuing convertible notes and warrants to purchase Class A common stock. |
4.4M | 12M |
| Nov 13, 2023 |
10-Q filing | 4.4M shares outstanding |
4.4M | 12M |
| Nov 02, 2023 |
8-K filing: Deep Medicine Acquisition Corp. executed Loan Agreements with PIPE Investors to issue up to $8,000,000 in convertible notes and warrants to purchase 727,273 shares of Class A common stock after the closing of the business combination with TruGolf, Inc. |
4.6M | 12M |
| Aug 14, 2023 |
10-Q filing | 4.6M shares outstanding |
4.6M | 12M |
| Jul 18, 2023 |
8-K filing: Deep Medicine Acquisition Corp. entered into non-redemption agreements with six unaffiliated third parties, involving a maximum aggregate of 514,773 shares of Class A common stock. The Sponsor agreed to transfer a maximum aggregate of 185,179 shares of Class A Common Stock pursuant to the Non-Redemption Agreements upon the consummation of the Company's initial business combination. |
4.1M | 12M |
| Jul 14, 2023 |
8-K filing: Deep Medicine Acquisition Corp. entered into non-redemption agreements with unaffiliated third parties for a maximum aggregate of 434,548 shares of Class A common stock. The company also filed an amendment to its certificate of incorporation to extend the date for consummating its initial business combination. |
4.1M | 12M |
| Jul 12, 2023 |
8-K filing: Deep Medicine Acquisition Corp. entered into non-redemption agreements with unaffiliated third parties, where the sponsor, Bright Vision Sponsor LLC, agreed to transfer founder shares in exchange for the third parties not redeeming Class A common stock. |
4.1M | 12M |
| May 31, 2023 |
10-K filing | 4.6M shares outstanding |
4.6M | 12M |
| Apr 06, 2023 |
8-K filing: DMAQ entered into a merger agreement with DMAC Merger Sub Inc. and TruGolf, where Merger Sub will merge with TruGolf, and TruGolf stockholders will receive up to $125,000,000 in merger consideration paid in new shares of DMAQ common stock, with 4,500,000 shares of DMAQ common stock placed in escrow and subject to forfeiture based on certain milestones. |
4.6M | 12M |
| Feb 10, 2023 |
10-Q filing | 4.6M shares outstanding |
4.6M | 12M |
| Nov 14, 2022 |
10-Q filing | 13.3M shares outstanding |
13M | 12M |
| Aug 03, 2022 |
10-Q filing | 13.3M shares outstanding |
13M | 12M |
| Jun 24, 2022 |
10-K filing | 13.3M shares outstanding |
13M | 12M |
| Feb 14, 2022 |
10-Q filing | 13.3M shares outstanding |
13M | 12M |
| Nov 15, 2021 |
10-Q filing | 13.3M shares outstanding |
13M | 12M |
| Nov 04, 2021 |
8-K filing: Deep Medicine Acquisition Corp. consummated its initial public offering of 12,650,000 units at $10.00 per Unit, generating gross proceeds of $126,500,000, and completed a private sale of 519,500 units to Bright Vision Sponsor LLC and I-Bankers Securities, Inc. at $10.00 per unit, generating gross proceeds of $5,195,000. ($131.7M proceeds) |
2.9M | 12M |
| Nov 01, 2021 |
8-K filing: Deep Medicine Acquisition Corp. consummated its IPO of 12,650,000 units at $10.00 per unit, generating gross proceeds of $126,500,000, and also completed a private sale of 519,500 units to the Sponsor and I-Bankers at $10.00 per unit, generating gross proceeds of $5,195,000. ($131.7M proceeds) |
2.9M | 12M |
| Oct 22, 2021 |
S-1/A filing: This S-1/A filing registers the offering of units, warrants and shares of Class A common stock by Deep Medicine Acquisition Corp. |
2.9M | 12M |
| Oct 12, 2021 |
S-1/A filing: Deep Medicine Acquisition Corp. is offering 10,000,000 units, each consisting of one share of Class A common stock and one right, in an initial public offering. They intend to identify a target in the healthcare industry with an equity value of approximately $300 million to $1 billion. |
2.9M | 11M |
| Sep 13, 2021 |
S-1 filing: Deep Medicine Acquisition Corp. is offering 10,000,000 units at $10.00 per unit, each consisting of one share of Class A common stock and one right to receive one-tenth (1/10) of one share of Class A common stock upon the consummation of an initial business combination. The underwriters have a 30-day option to purchase up to an additional 1,500,000 units. |
2.9M | 11M |