Transportation and Logistics Systems Enters $50K Note and Corrects Unauthorized Reverse Stock Split

Transportation & Logistics Systems, Inc.

Entered into $50,000 unsecured non-convertible promissory note with Cavalry Fund I LP at 10% interest, due in six months.
Filed Certificate of Correction with Nevada Secretary of State to withdraw unauthorized December 2023 reverse stock split.
Note proceeds allocated to completing 2023 audit, SEC/OTC filings, tax compliance, and routine litigation fees.
The note is junior to existing notes totaling $1,547,837.96 and in parity with $250,000 in prior notes.
Similar notes were previously entered on August 12, 2024 and October 9, 2024 with the same lender.

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 a Certificate of Correction to withdraw an unauthorized reverse stock split and revert authorized and outstanding shares to prior amounts as set forth in December 1, 2023 filing (effective 2024-11-25).

Change: charter amendment
Effective: 2024-11-25

Exact text from the filing

Therefore, on November 25, 2024, we filed a Certificate of Correction (the “ Certificate of Correction ”) with the Nevada Secretary of State to withdraw the filing of the unauthorized December 2023 Certificate and revert the Company’s authorized and outstanding common stock and preferred stock to 50,000,000,000 authorized shares of common stock and 10,000,000 authorized shares of preferred stock as set forth in the Company’s Certificate of Change filed with the Nevada Secretary of State on December 1, 2023.

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-048188

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