Over the course of the past month the Transportation and Logistics Systems Inc (OTCMKTS:TLSS) stock has been in the middle of a strong rally and during that period, it has managed to clock gains of as much as 40%. In recent days there has been no news at all about the company but it might be a good move to go back to a development from back on June 21 this year.
The e-commerce fulfilment services company announced that back on June 15, 2021 it had signed a stock purchase agreement with SalSon Logistics Inc by way of which Transportation and Logistics Systems was going to acquire all the outstanding stocks in the former.
It was a major announcement from the company considering the fact that SalSon is one of the bigger operators in the third party logistics space and has been in business since as far back as 1960.
At the time it was announced that Transportation and Logistics Systems was going to pay as much as $90 million for the shares. Out of that, $50 million was going to be paid out in the form of cash, $20 million seller financing and 19.9% of the outstanding common stock of the company at the time.
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