TLSS files Series I Preferred Stock to enable 50B authorized share increase for strategic partnerships

Transportation & Logistics Systems, Inc.

Filed Certificate of Designation for Series I Preferred Stock with Nevada, effective July 14, 2023.
Series I Preferred Stock has voting power of 51% solely on proposed increase of authorized common stock from 10B to 50B shares.
Series I is non-convertible, pays no dividends, no liquidation rights; will cancel upon effectiveness of share increase amendment.
Current authorized common stock is 10B shares; ~3.7B shares outstanding, ~8.54B fully diluted, limiting further equity issuance.
Company states it is pursuing imminent strategic partnerships in exchange for shares, necessitating the authorized share increase.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Transportation & Logistics Systems, Inc.: Filed Certificate of Designation for Series I Preferred Stock with voting rights solely to approve an increase in authorized common stock (effective 2023-07-14).

Change: charter amendment
Effective: 2023-07-14

Exact text from the filing

received notice of acknowledgement from the Secretary of State of the State of Nevada of filing of a Certificate of Designation of Preferences, Rights and Limitations of the Series I Preferred Stock (the “Series I Preferred Stock”), effective as of its filing date, July 14, 2023.

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-024887

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