TruGolf presents a severe capital-structure deterioration signal. The record now combines two reverse splits in less than a year, a 2025 Series A Preferred exchange, VWAP-linked conversion and reset mechanics, a $2.76 reset, post-quarter preferred conversions, a 9.99% blocker 13G posture, and a June 15, 2026 equity value below $1 million.

Signal’s review is assessing whether:

• Preferred conversion, floor-price, reset, and dividend make-whole terms were clearly understood.
• Schedule 13G passive-intent certifications fit the economic substance of the financing conduct.
• Reverse-split, note-exchange, conversion, and Nasdaq compliance sequencing affected investor understanding.
• The ATW multi-issuer pattern supports broader review of repeated 13G and blocker structures.