Transportation and Logistics Systems, Inc. (OTCMKTS:TLSS) files 8k disclosing entry into an material agreement.
Shares of TLSS are up slightly pre market to .0315, adding .0004 so far.
Transportation and Logistics Systems Inc. (OTC:TLSS), (“TLSS” or the “Company”), an eCommerce fulfillment service provider, announced that, on April 9, 2021, pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Rule 506(b) thereunder, the Company issued and sold units (the “Units”), each consisting of one share of Series E Convertible Preferred Stock, $0.001 par value (the “Series E Shares”) and a warrant to purchase 1,334 shares of Common Stock, subject to adjustment, at an initial exercise price of $0.01 per share, at a purchase price of $11.67 per Unit, subject to the terms and conditions set forth in a stock purchase agreement, entered into effective as of April 9, 2021 (“Agreement”). The Agreement provides for the sale of 32,127 Units at an original issue discount of 12.5%.
The sale of equity securities contemplated by the Agreement occurred on April 9, 2021, raising $375,000 at closing. The Company shall use the proceeds for working capital purposes.
Transportation and Logistics Systems, Inc. (OTC:TLSS) operates through its subsidiaries as a leading logistics and transportation company specializing in ecommerce fulfillment, last mile deliveries, two-person home delivery and line haul services for some of the world’s leading online retailers. We are an end-to-end ecommerce fulfillment solutions provider.