FDX - TLSS Stock: Why Transportation and Logistics Systems Skyrocketed Today
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
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 ecommerce 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.
More From InvestorPlace
Why Everyone Is Investing in 5G All WRONG
It doesn’t matter if you have $500 in savings or $5 million. Do this now.
Top Stock Picker Reveals His Next Potential 500% Winner
Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
The post TLSS Stock: Why Transportation and Logistics Systems Skyrocketed Today appeared first on InvestorPlace.