---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-008979"
form_type: "8-K"
ticker: "TLSS"
cik: "0001463208"
company_name: "Transportation & Logistics Systems, Inc."
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T07:36:41.294200+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-008979
- form_type: 8-K
- ticker: TLSS
- cik: 0001463208
- company_name: Transportation & Logistics Systems, Inc.
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1463208/000164117225008979/0001641172-25-008979-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1463208/000164117225008979/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-008979
- JSON: https://secwatch.observer/filing/0001641172-25-008979.json
- Plain text: https://secwatch.observer/filing/0001641172-25-008979.txt

## Key facts
- Executive change
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1463208/000164117225008979/0001641172-25-008979-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.