Transportation & Logistics Systems, Inc. (TLSS) extended the maturity of outstanding principal and interest on two existing notes to December 31, 2026; their original principal amounts were $75,000 and $100,000. The company also issued a new $50,000 unsecured, non-convertible promissory note to Mercer Street Global Opportunity Fund LLC, an existing preferred stockholder, and received $50,000 in gross proceeds on October 23, 2026.
The new note bears 10% simple annual interest, payable with principal in cash on December 31, 2026. It may be prepaid with three prior business days' written notice and ranks in parity with the existing notes. Proceeds are restricted to specified SEC and OTC filings, tax and compliance work to restore good standing, transfer-agent costs and routine litigation; the note also identifies auditor, financial printer, transfer-agent and accounting costs as its purpose. Its default provisions allow repayment demands on five business days' notice and provide for a 5.0% monthly penalty after the stated 30-day period if full payment is not made.
Transportation & Logistics Systems, Inc. (TLSS) made a 5,000-for-1 reverse stock split effective October 2, 2026. Each holder’s common shares were converted to whole shares by dividing the pre-split count by 5,000.
No fractional shares were issued: holders who otherwise would have received a fraction received one whole post-split share, with no cash or other consideration paid in lieu. Split-adjusted trading on OTC Markets under the existing symbol TLSS will begin once The Depository Trust Company completes processing of the rounding up of fractional shares at the beneficial owner level.