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TLSS Settles Executive Liabilities with Preferred Stock and Establishes Retention Bonus
TLSS
Executive Compensation
Convertible Preferred Issuance
- Transportation & Logistics Systems, Inc. (TLSS) entered into a Settlement Agreement on December 15, 2025, with its Chairman, CEO, and CFO, Sebastian Giordano, to resolve $1,400,711.62 in outstanding liabilities for services provided through December 31, 2025.
- In exchange for settling these liabilities, TLSS will issue 10,007 shares of Series J Senior Convertible Preferred Stock to Mr. Giordano. This preferred stock has a stated value of $100 per share and is convertible into common stock at $0.001 per share. This arrangement was made because a cash payment would jeopardize the company's "going concern" status.
- Additionally, TLSS and Mr. Giordano entered into a Retention Agreement, offering him up to $500,000 in cash bonuses. This bonus is contingent upon the company securing specific financing rounds totaling at least $3,500,000 by December 31, 2026.
- The parties also agreed to negotiate a new employment agreement for Mr. Giordano's services starting January 1, 2026, within 60 days of December 15, 2025.
Dec 17, 2025, 9:05 PM
TLSS enters into settlement agreements to resolve outstanding liabilities
TLSS
Convertible Preferred Issuance
Legal Proceedings
Delisting/Listing Issues
- Transportation & Logistics Systems, Inc. (TLSS) entered into settlement agreements on October 15, 2025, with certain creditors to settle an aggregate of $378,491.25 in outstanding liabilities.
- In exchange for settling these liabilities, TLSS will issue an aggregate of 3,785 shares of Series J Senior Convertible Preferred Stock.
- The Series J Preferred Stock has a stated value of $100 per share, a cumulative dividend of 10% per annum, and is convertible into common stock at $0.001 per share.
- The company has ceased all logistics and transportation operations and is currently unable to meet its existing financial obligations, which may impact its ability to comply with ongoing reporting requirements.
Oct 17, 2025, 8:05 PM
TLSS Enters Settlement Agreements to Issue Series J Preferred Stock
TLSS
Convertible Preferred Issuance
Legal Proceedings
Delisting/Listing Issues
- Transportation & Logistics Systems, Inc. (TLSS) has entered into settlement agreements to convert outstanding liabilities into Series J Senior Convertible Preferred Stock.
- As of September 15, 2025, TLSS settled $50,273.97 in liabilities with one creditor by issuing 503 shares of Series J Preferred Stock. Other agreements, primarily from May 30, 2025, involve settling an additional $2,546,519.70 in liabilities for 25,457 shares of Series J Preferred Stock with various creditors.
- A key condition for these settlements, requiring at least 50% of the outstanding Series E and Series G Convertible Preferred Stock to be exchanged for Series J Preferred Stock, has been satisfied.
- The Series J Preferred Stock carries a stated value of $100 per share, a conversion price of $0.001 per share of common stock, a liquidation preference of 120% of the stated value, and cumulative dividends accruing at 10% per annum.
- TLSS has disclosed that it is insolvent, has ceased all logistics and transportation operations, and may be unable to meet its existing financial obligations or comply with ongoing reporting requirements, which could affect its listing status.
Sep 19, 2025, 8:59 PM
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