other material
confidence high
sentiment neutral
materiality 0.75
Transportation & Logistics exchanges most preferred stock and settles $583K liabilities for new Series J preferred
Transportation & Logistics Systems, Inc.
- Exchanged 21,418 Series E shares (100% outstanding) and 274,000 Series G shares (59%) for 37,840 Series J preferred shares.
- Canceled warrants for 178,000,000 common shares as part of the exchange; accrued dividends of $761,213.42 also converted.
- Settled $583,199.84 in liabilities and canceled warrants for 151,785,715 common shares in exchange for 5,864 Series J preferred shares.
- Series J preferred issued under exemptions from registration (Sections 3(a)(9) and 4(a)(2) of Securities Act).