Current Report Filing (8-k)
January 07 2022 - 9:16AM
Edgar (US Regulatory)
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2022-01-03
2022-01-03
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): January 3, 2022
Transportation
and Logistics Systems, Inc.
(Exact
name of registrant as specified in its charter)
Nevada
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001-34970
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26-3106763
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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5500
Military Trail, Suite 22-357
Jupiter,
Florida 33458
(Address
of Principal Executive Offices)
(833)
764-1443
(Issuer’s
telephone number)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under
any of the following provisions:
☐
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act: None.
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Forward
Looking Statements
Statements
in this report regarding Transportation and Logistics Systems, Inc. (the “Company”) that are not historical facts
are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ
materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements
that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such
as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,”
“anticipates,” “intend,” “goal,” “seek,” “strategy,” “future,”
“likely,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,”
“potential,” or the negative of those terms, and similar expressions and comparable terminology. These include, but are not
limited to, statements relating to future events or our future financial and operating results, plans, objectives, expectations and intentions.
Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be
achieved. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent our intentions,
plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other
factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed
or implied by these forward-looking statements. In addition to the risks described above, these risks and uncertainties include: our
ability to successfully execute our business strategies, including integration of acquisitions and the future acquisition of other businesses
to grow our Company; customers’ cancellation on short notice of master service agreements from which we derive a significant portion
of our revenue or our failure to renew such master service agreements on favorable terms or at all; our ability to attract and retain
key personnel and skilled labor to meet the requirements of our labor-intensive business or labor difficulties which could have an effect
on our ability to bid for and successfully complete contracts; the ultimate geographic spread, duration and severity of the coronavirus
outbreak and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or
ameliorate its effects; our failure to compete effectively in our highly competitive industry, which could reduce the number of new contracts
awarded to us or adversely affect our market share and harm our financial performance; our ability to adopt and master new technologies
and adjust certain fixed costs and expenses to adapt to our industry’s and customers’ evolving demands; our history of losses,
deficiency in working capital and a stockholders’ deficit and our inability to achieve sustained profitability; material weaknesses
in our internal control over financial reporting and our ability to maintain effective controls over financial reporting in the future;
our substantial indebtedness, which could adversely affect our business, financial condition and results of operations and our ability
to meet our payment obligations; the impact of new or changed laws, regulations or other industry standards that could adversely affect
our ability to conduct our business; and changes in general market, economic, social and political conditions in the United States and
global economies or financial markets, including those resulting from natural or man-made disasters.
These
forward-looking statements represent our estimates and assumptions only as of the date of this report and, except as required by law,
we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future
events or otherwise after the date of this report. Given these uncertainties, you should not place undue reliance on these forward-looking
statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on
Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the Securities and Exchange Commission.
Item
5.02, Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On
January 4, 2022, Transportation and Logistics Systems, Inc. (OTCQB:TLSS), (“TLSS” or the “Company”), a growing
logistics service provider, retained the services of Mr. Sebastian Giordano (age 64) as Chief Executive Officer of the Company. In addition,
Mr. Sebastian Giordano is appointed the Company’s President. For the past twenty years, Mr. Sebastian Giordano has been CEO of
Ascentaur, LLC (“Ascentaur”), providing C-Level consulting services to a diverse roster of predominantly technology-centric
clients, including start-ups, turnarounds and established businesses across many industries. From 2013 to 2018, he served as Chief Executive
Officer of WPCS International Incorporated, a NASDAQ-listed low-voltage contracting company. The Company and Mr. Sebastian Giordano entered
into an employment agreement with a term extending through December 31, 2025, which provides for annual compensation of $400,000 as well
as annual discretionary bonuses based on the Company’s achievement of performance targets, grants of options, restricted stock
or other equity, potentially constituting (with prior grants made to Ascentaur), at the discretion of the Company’s Board of Directors,
up to 5% of the outstanding common stock of the Company, vesting over the term of the employment agreement, business expense reimbursement
and benefits as generally made available to the Company’s executives. Mr. Sebastian Giordano replaces Mr. John Mercadante
as the Company’s Chief Executive Officer and President.
On
January 4, 2022, Mr. Sebastian Giordano was appointed to the Board of Directors of the Company to fill a vacancy and elected Chairman
of the Board to replace Mr. Mercadante in that role. Mr. Mercadante shall remain a member of the Board. Mr. Sebastian Giordano shall
hold office until a successor is elected at an annual or a special meeting of the stockholders of the Company. Mr. Sebastian Giordano
was appointed to the Board based on his extensive experience in the areas of mergers, acquisitions, capital raising, strategic alliances,
and public companies. Currently or within the last 5 years, he has served on the Boards of Directors of AYRO, Inc., a NASDAQ listed electric
vehicle manufacturer, WPCS International Incorporated, and DropCar, a NASDAQ-listed micro-logistics technology, mobility services and
cloud-based SaaS software provider to the automotive industry. Mr. Sebastian Giordano is a principal with Ascentaur, a strategic consulting
firm which has provided consulting services to the Company during the preceding 2 years. Such consulting arrangement has been terminated
upon the Company’s employment of Mr. Sebastian Giordano.
On
January, 3, 2022, the Company retained the services of Mr. James Giordano (age 52 and no relation to Mr. Sebastian Giordano) as Chief
Financial Officer. In addition, Mr. James Giordano is appointed the Company’s Treasurer. Previously, Mr. James Giordano served
as Chief Financial Officer and consultant to Freight Connections, Inc., a LTL / line haul transportation services and warehousing provider.
Prior to that, he served as Chief Financial Officer for Farren International, a global supplier of transportation and rigging services.
Mr. James Giordano’s employment with the Company is at will. He will receive annual compensation of $250,000 as well as annual
discretionary bonuses and equity grants, business expense reimbursement and benefits as generally made available to the Company’s
executives. Mr. James Giordano replaces Mr. Mercadante as Chief Financial Officer and Treasurer of the Company.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: January 7, 2022
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TRANSPORTATION
AND LOGISTICS SYSTEMS, INC.
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By:
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/s/ Sebastian
Giordano
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Name:
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Sebastian Giordano
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Title:
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Chief Executive Officer
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