Shares of Transportation and Logistics Systems (OTCMKTS:TLSS) continued to move lower on Monday, extending its weekly fall to 10%.
On Monday , TLSS stock moved down 4.51% to $0.0127 with 67.61 million shares, compared to its average volume of 15.09 million shares. The stock has moved within a range of $0.0102 – 0.0151 after opening trade at $0.0131.
Transportation and Logistics Systems, Inc. Closes $6,150,000 Financing
Full-service logistics and transportation company, Transportation and Logistics Systems (OTCMKTS:TLSS) on January 3, 2022, announced that it had closed equity financing providing gross proceeds of $6,150,000 on December 31, 2021.
CEO John Mercadante said that the firm is getting ready for the coming year and believes that the financing gives the firm with sufficient working capital for the entire year. John added that funds can be harnessed for acquisition opportunities.
The Securities Purchase Agreement about new financing will enable to the firm to issue some accredited investors in a private placement with an aggregate of 615,000 shares of Series G Convertible Preferred Stock and also warrants for purchasing 615,000,000 shares of its common stock. The par value will be $0.0001 per share. The conversion price of Series G Shares is $0.01. The shares that could be issuable were done on December 31, 2021, amounting to 689,655,337 shares.
For the proposed acquisition of SalSon Logistics, the Stock Purchase Agreement related to the transaction has expired on September 15, 2021. TLSS and SalSon are exploring jointly on any alternative financing options backed by the significant value of SalSon’s assets.
The firm is also discussing with several other firms on acquisition opportunities and believes that such financing will put it in a more robust position for executing strategic acquisition opportunities in the coming year.
According to CEO John Mercadante, “The Company is gearing up for 2022 and believes that this financing provides the Company with adequate working capital for the year and with funds that can be deployed, in part, in connection with acquisition opportunities.”
TLSS stock is trading below the 200-Day and 50-Day Moving averages of $0.0147 and $0.0162 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.0185. The stock is down 22% over the past month.