TLSS settles $2.5M debt with 25,465 Series J preferred shares; operations ceased

Transportation & Logistics Systems, Inc.

Settlement agreements dated May 30, 2025 exchange $2,546,519.70 in liabilities for 25,465 shares of Series J Senior Convertible Preferred Stock.
Settlement conditioned on ≥50% of Series E and Series G preferred holders exchanging their shares for Series J.
Company states it has ceased all logistics/transportation operations and is currently unable to meet financial obligations.
Issuance exempt under Section 3(a)(9); company notes prior untimely SEC filings and potential delisting risk.

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