---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-22-015106"
form_type: "8-K"
ticker: "TLSS"
cik: "0001463208"
company_name: "Transportation & Logistics Systems, Inc."
filed_at: "2022-05-26T23:59:59+00:00"
generated_at: "2026-06-25T06:42:46.835756+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TLSS to acquire Freight Connections for ~$7M in cash, note, and stock

## Summary
- Purchase price ~$7M (5x trailing EBITDA) paid as $4M cash, $500K secured note (4yr, 5%), and balance in TLSS stock.
- Freight Connections is a NJ logistics provider with ~200K sq ft warehouse, 500+ commercial accounts, operating ~10 years.
- Closing expected ~60 days after May 23, 2022, subject to due diligence, financing, and landlord consent.
- Seller Joseph Corbisiero will continue as employee under employment and non-compete agreements.
- TLSS sees acquisition as expansion into tri-state area, leveraging existing Cougar Express subsidiary operations.

## SEC filing metadata
- accession: 0001493152-22-015106
- form_type: 8-K
- ticker: TLSS
- cik: 0001463208
- company_name: Transportation & Logistics Systems, Inc.
- filed_at: 2022-05-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1463208/000149315222015106/0001493152-22-015106-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1463208/000149315222015106/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-22-015106
- JSON: https://secwatch.observer/filing/0001493152-22-015106.json
- Plain text: https://secwatch.observer/filing/0001493152-22-015106.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.