Nano-cap stock Transportation and Logistics Systems (OTCMKTS:TLSS) skyrocketed 19% higher on Thursday following the closing of its acquisition of Cougar Express. TLSS stock trade volume surged nearly 5 times higher, with volume of 242.8 million trades, compared to an average daily volume of 48.7 million.
Transportation and Logistics Systems is an e-commerce fulfilment provider, while Cougar Express is a logistics provider focused on delivery and warehouse services in the New York tristate area. The acquisition price was $2 million in cash and a $350,000 promissory note. Cougar Express averaged $4 million in annual revenue from 2018 to 2020.
The acquisition deal was first announced in November 2020. In January 2021, TLSS acquired Double D Trucking, a New Jersey logistics provider specializing in servicing FedEx (NYSE:FDX) vehicles.
Last week, Transportation and Logistics Systems reported Q4 and full-year 2020 earnings. Revenue decreased 17.6%, while operating losses of $42.8 were slightly less than 2019 losses of $44.2 million.
Transportation and Logistics Systems stock was largely flat around 4 cents a share last week, dipping to 3 cents at the start of this week. TLSS stock closed Thursday at a price of 3.8 cents a share.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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