TruGolf Holdings, Inc. (TRUG) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 20, 2026

Risk Assessment Details

Potential Dilution: 412.74% of current shares
Recent Dilution: 111760465.08% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
1.1M
Potential Supply
4.5M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

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

Outstanding Shares
Total Supply

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
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