Transportation and Logistics Systems Files to Uplist to OTCQB Venture Market: Stock Gains
One of the stocks that made a notable move on Monday was that of Transportation and Logistics Systems Inc (OTCMKTS:TLSS). The stock soared by as much as 8% after the company made a major announcement, and it is likely that the stock is going to be on investors’ radars over the coming days.
In this sort of situation, it could be quite worthwhile for investors to take a closer look at the company and then decide on a course of action. The company is involved in the eCommerce fulfillment solutions space, and on Tuesday, it announced that it made an uplisting application.
Filing of Application
TLSS announced that this Monday, it submitted all the necessary OTCQB application materials at OTC Markets Group for an uplisting. OTC Markets Group controls OTCMarkets.com. As per the company’s application, it wishes to uplist its stock to the OTCQB Venture Market from the OTC Pink Open Market. Uplisting of any nature is a major development for any stock, and it is no different for TLSS.
The Chief Executive Officer of the company, John Mercadante spoke about the application and stated that uplisting is an important part of the company’s growth strategy. He went on to state that if the stock is listed on the OTCQB Venture Market, then it would have more visibility and, in turn, could potentially attract more capital.
Investors should not use that TLSS already compliant with two of the listing requirements. It filed its audited financial reports in line with United States GAAP (generally accepted accounting practices) and also maintained a verified profile on OTCMarketc.com. Back on June 31, the company had announced its financial results for the first fiscal quarter of the year. It was for the period that ended on March 31, 2020. The CEO stated at the time that despite the challenging situation brought about by the coronavirus pandemic, the company still managed to make significant progress.
First Quarter Earnings
TLSS managed to generate revenues to the tune of $8,635,000 for the quarter, which reflected a significant year on year rise of as much as 48%. The remarkable rise in revenues was primarily due to expansion into new markets in Tennessee, Georgia, Ohio, and Florida.
The company also established the box-truck line of business, secured new business, and managed to get a major boost in the volume of deliveries for its major customer. The net loss for the period came in at $22,149,000, which proved to be higher than the net loss of $19,648,000 in the year-ago period.
Earlier on in June, the company also managed to decide on the terms of the payment for accrued liabilities to two of its shareholders. The total past dues and outstanding balances were $2,038,556, and it was turned into a long term unsecured note.
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