TLSS settles $378K liabilities with Series J preferred shares; insolvent with ceased operations

Transportation & Logistics Systems, Inc.

Settled $378,491.25 in liabilities by issuing 3,785 shares of Series J Senior Convertible Preferred Stock.
Condition that >=50% of Series E and Series G Preferred be exchanged for Series J has been satisfied.
Company confirms it is insolvent, has ceased all logistics/transportation operations, and cannot meet financial obligations.
May be unable to maintain listing on a Trading Market or comply with SEC reporting without additional funding.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Transportation & Logistics Systems, Inc. issued an aggregate of 3,785 shares of preferred stock to certain holders (the Creditors) for settlement of an aggregate of $378,491.25 in Outstanding Liabilities.

Security: preferred stock
Shares: an aggregate of 3,785 shares
Purchaser: certain holders (the Creditors)
Consideration: settlement of an aggregate of $378,491.25 in Outstanding Liabilities

Exact text from the filing

the Creditors agreed to settle an aggregate of $378,491.25 in Outstanding Liabilities, in exchange for the issuance of an aggregate of 3,785 shares of the Company’s Series J Senior Convertible Preferred Stock

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-018453

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