TLSS subsidiary agrees to acquire Severance Trucking for $2.25M cash

Transportation & Logistics Systems, Inc.

Purchase price of $2.25M cash, subject to adjustment for assumed debt and working capital.
Closing expected by Jan 31, 2023; subject to due diligence, financing, and landlord consents.
Severance operates LTL trucking in New England, Upstate NY, Canada; over 100 years in business.
Sellers are individuals Kathryn Boyd, Clyde Severance, Robert Severance; no affiliation with TLSS.
Transaction structured as stock purchase; certain assets and liabilities excluded from deal.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Transportation & Logistics Systems, Inc. entered into SPA with Kathryn Boyd, Clyde Severance, and Robert Severance valued at $2,250,000 (effective 2023-01-04).

Action: entry
Agreement: asset purchase
Counterparty: Kathryn Boyd, Clyde Severance, and Robert Severance
Value: $2,250,000
Effective: 2023-01-04

Exact text from the filing

on January 4, 2023, its wholly-owned subsidiary, TLSS Acquisition, Inc. (the “Acquisition Sub”), entered into a stock purchase agreement (“SPA”) to acquire all of the outstanding stock of Massachusetts-based Severance Trucking, Inc., and certain affiliated warehousing and vehicle leasing entities

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-001034

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