TLSS extends CEO departure to Aug 31, issues $50k note, creates Series J Preferred

Transportation & Logistics Systems, Inc.

CEO Sebastian Giordano's termination notice extended to Aug 31, 2025; company unable to cure nonpayment of compensation.
Issued $50,000 unsecured non-convertible note to C/M Capital Master Fund at 10% interest, six-month maturity.
Filed Certificate of Designation for 1M shares of Series J Preferred Stock, $100 stated value, convertible at $0.001 per share.
Preferred Stock carries 10% semi-annual dividend, 4.99% ownership cap, 110% redemption on triggering event, 120% liquidation preference.
Existing Nov 2024 promissory note maturity extended from May 22, 2025 to Aug 12, 2025.

item 1.01 item 2.03 item 5.02 item 5.03 item 9.01

Executive movements

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Departed

Sebastian Giordano

Chief Executive Officer and Chief Financial Officer

TLSS · Transportation & Logistics Systems, Inc.

Effective: 2025-08-31
Filed: May 7, 2025, 7:59 PM ET

On May 5, 2025, the Company received a termination notice from Mr. Giordano (the “ New Termination Notice ”) for the nonpayment of compensation and other benefits due under such Executive Employment Agreement. The Company is unable to cure such default, and agreed to extend the termination date of the Executive Employment Agreement to August 31, 2025 (the “ New Termination Date ”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Sebastian Giordano resigned as Chief Executive Officer and Chief Financial Officer at Transportation & Logistics Systems, Inc..

Action: resigned
Role: Chief Executive Officer and Chief Financial Officer

Exact text from the filing

On May 5, 2025, the Company received a termination notice from Mr. Giordano (the “ New Termination Notice ”) for the nonpayment of compensation and other benefits due under such Executive Employment Agreement. The Company is unable to cure such default, and agreed to extend the termination date of the Executive Employment Agreement to August 31, 2025 (the “ New Termination Date ”).

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-008979

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