Latest news for Transportation (OTC:TLSS) Stock

Transportation And Logistics Systems Inc is a United States based company focused on providing integrated transportation management solution. It provides brokerage and logistics services such as transportation scheduling, routing and other value-added services related to the transportation of automobiles and other freight, which involve the use of independent contractor-owned trucks and equipment. The company generates revenue from customers contracting to transport a vehicle from location to location. Tt operates in one operating segment related to its full suite of logistics and transportation services, specializing in last mile deliveries, two-person home and commercial deliveries, mid-mile, and long-haul services.

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Transportation and Logistics Systems Inc.

E-commerce Fulfillment Provider TLSS Seeks To Acquire SalSon Logistics For $90M

TRANSPORTATION & LOGISTIC by Transportation and Logistics Systems, Inc.

Transportation And Logistics Systems Inc

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

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Numinus Wellness Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/NUMIF#OTCQX">NUMIF</a>), a leader in <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">psychedelic-assisted mental health care</a>, has <a href="https://www.investors.numinus.com/news/news-details/2024/Numinus-Wellness-Announces-Sale-of-Clinics-and-Unique-Data-Partnership-to-Increase-Access-to-Mental-Health-Care/default.aspx">announced</a> a definitive agreement with Stella, an interventional psychiatry practice, to sell its five wellness clinics in Utah for a total of $3.53 million. The transaction, expected to close by November 30, marks a strategic shift for Numinus, as it pivots towards <a href="https://www.benzinga.com/markets/cannabis/24/09/40845569/mdma-therapy-for-ptsd-faces-fda-delay-are-there-other-ways-forward">developing technology-driven solutions</a> aimed at enhancing the efficiency of mental health care providers.
<h3 class="wp-block-heading">Tech Partnership To Redefine Mental Health Clinics</h3>
In addition to the sale, Numinus and Stella will collaborate on a data-sharing initiative to launch an innovative clinic management platform. By leveraging operational insights from Stella's 12 clinics, Numinus plans to develop a software solution designed to streamline clinic operations, enhance patient outcomes and support insurance reimbursement processes.
"This transaction marks an exciting new chapter in Numinus' strategy to reshape behavioral health care," said Payton Nyquvest, founder and CEO of Numinus. "Leveraging our expertise in patient care, we're now accelerating our mission by focusing on cutting-edge technology solutions. Through our partnership with Stella, we gain unprecedented access to operational data that will enable us to develop a SaaS (software as a service) solution to redefine how clinics operate."
<h3 class="wp-block-heading">Stella Takes Over Utah Operations</h3>
Stella, known for its focus on treating PTSD, anxiety and depression through biological modalities, will assume control of Numinus' Utah clinics. The acquisition includes an upfront payment of $2.08 million, followed by $750,000 in installments throughout 2025, and up to $700,000 in deferred compensation.
"Stella's expansion into Utah brings additional life-changing treatments to the community while supporting Numinus' broader tech initiatives," stated Michael Gershenzon, co-founder and CEO of Stella. "This partnership reflects our commitment to improving behavioral health systems and processes, ultimately enhancing patient care."
<h3 class="wp-block-heading">An Asset-Light Business Model With Enhanced Focus</h3>
With the sale of its clinics, Numinus will shift towards an asset-light model, focusing on its business units like Cedar Clinical Research and the Numinus Network. The strategy aims to integrate clinical research, practitioner training and technology solutions, supporting mental health providers worldwide. The move is part of a broader effort to ease the operational burdens faced by healthcare professionals, particularly as demand for treatments like <a href="https://www.benzinga.com/topic/ketamine-therapy">ketamine</a> and Spravato continues to rise.
"Stella will bolster our clinical solutions offering, leveraging their deep expertise in patient care," Nyquvest added. "We expect strong demand for our Numinus Network Solutions as mental health practitioners navigate growing requests for care."
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Cannabis

Psychedelics

NUMIF

Numinus Wellness Sells US Clinics, Partners With Stella For Tech-Driven Mental Health Solutions

President-elect Donald Trump has chosen former Representative Doug Collins (R-GA) to lead the <a href="https://www.benzinga.com/cannabis">U.S. Department of Veterans Affairs (VA). </a>
The decision has sparked discussions about how the agency might handle medical cannabis issues, given his inconsistent track record on the issue, as <a href="https://www.marijuanamoment.net/trumps-pick-to-lead-va-voted-against-letting-agency-doctors-recommend-medical-marijuana-to-veterans-before-he-adopted-a-pro-reform-position/">reported</a> Marijuana Moment.
<h3 class="wp-block-heading">Collins' Record On Cannabis</h3>
During his time in Congress, Collins opposed efforts to expand access to medical cannabis for veterans. Between 2014 and 2016, he voted against three proposals that would have allowed VA doctors to recommend cannabis to their patients.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/42018478/trumps-cabinet-choices-will-his-administration-support-or-restrict-cannabis">Trump&#8217;s Cabinet Choices: Will His Administration Support Or Restrict Cannabis?</a>
Collins' views began to shift in 2019. He supported the STATES Act, which would protect state marijuana programs from federal interference, and co-signed a letter with Rep. Matt Gaetz (R-FL), urging Congress to take action on cannabis policy. 
"We believe this Committee and this Congress must act to clarify the rights and responsibilities, relative to cannabis, of individuals, physicians, businesses, medical patients, and law enforcement officials," they wrote.
Later that year, Collins backed a bipartisan bill to protect banks that serve marijuana businesses in states where it is legal. However, he did not take part in a 2020 vote on federal cannabis legalization.
<h3 class="wp-block-heading">Collins' Stance On Psychedelics</h3>
When it comes to psychedelics, there isn't much known about Collins's stance. However, his shifting views on cannabis policy hint that he could be open to exploring different approaches.
<h3 class="wp-block-heading">Cannabis At The VA</h3>
VA policy has long prohibited its doctors from recommending cannabis, citing marijuana's classification as a Schedule I controlled substance under federal law. This stance has remained consistent across both Republican and Democratic administrations, despite growing support for change in Congress.
Recent efforts to address this issue include a Senate Appropriations Committee request for the VA to explore cannabis as an alternative to opioids. Lawmakers have also introduced measures that would allow VA doctors to recommend cannabis in states where it is legal. These efforts have gained bipartisan support, but none have yet become law.
Veterans service organizations have pushed for further reforms, including expanded research into the potential benefits of cannabis. Last year, a Senate committee approved a bill to study cannabis for veterans with certain medical conditions, but it failed to advance to a floor vote.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/health-care/24/11/42017583/trumps-go-wild-on-health-plan-puts-rfk-jr-in-charge-what-it-means-for-cannabis-and-psychedelics-reform">Trump&#8217;s &#8216;Go Wild On Health&#8217; Plan Puts RFK Jr. In Charge: What It Means For Cannabis And Psychedelics Reform</a></li>
</ul>
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Government

Politics

Trump-Appointed Doug Collins To Lead VA: What's Next For Cannabis and Psychedelics In Veterans' Healthcare?

Chardan Capital analyst Daniil Gataulin maintains Clearside Biomedical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSD#NASDAQ">CLSD</a>) with a Buy and maintains $6 price target.

Price Target

Analyst Ratings

CLSD

Chardan Capital Maintains Buy on Clearside Biomedical, Maintains $6 Price Target

Chardan Capital analyst Daniil Gataulin maintains Cognition Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGTX#NASDAQ">CGTX</a>) with a Buy and maintains $11 price target.

CGTX

Chardan Capital Maintains Buy on Cognition Therapeutics, Maintains $11 Price Target

Telsey Advisory Group analyst Cristina Fernandez maintains Williams-Sonoma (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) with a Outperform and maintains $165 price target.

Telsey Advisory Group Maintains Outperform on Williams-Sonoma, Maintains $165 Price Target

– Approval based on positive data from the AUGMENT-101 clinical trial, in which Revuforj delivered robust and durable rates of remission in R/R acute leukemia patients with a KMT2A translocation –
– Syndax to host conference call today at 6:00 p.m. ET –
WALTHAM, Mass., Nov. 15, 2024 /PRNewswire/ -- Syndax Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDX#NASDAQ">SNDX</a>) today announced that the U.S. Food and Drug Administration (FDA) has approved Revuforj&#xAE; (revumenib) as the first and only menin inhibitor for the treatment of relapsed or refractory (R/R) acute leukemia with a lysine methyltransferase 2A gene (KMT2A) translocation in adult and pediatric patients one year and older. The FDA previously granted Breakthrough Therapy and Fast Track designations as well as Priority Review for Revuforj. The New Drug Application (NDA) received approval through the FDA's Real Time Oncology Review (RTOR) program.

Biotech

SNDX

Syndax Announces FDA Approval Of Revuforj, The First And Only Menin Inhibitor To Treat Adult And Pediatric Patients With Relapsed Or Refractory Acute Leukemia With A KMT2A Translocation

IT Tech Packaging (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/ITP#AMEX">ITP</a>) reported quarterly losses of $(0.20) per share. This is unchanged from the same period last year. The company reported $25.08 million in sales this quarter. This is a 59.03 percent increase over sales of $15.77 million the same period last year.

Earnings

IT Tech Packaging Q3 EPS $(0.20), Same YoY, Sales $25.08M Up From $15.77M YoY

RumbleOn, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBL#NASDAQ">RMBL</a>) (the "Company" or "RumbleOn") announced today that the close of business (4:00 p.m. Central Time) on November 25, 2024 has been fixed as the record date (the "Record Date") for its previously announced proposed $10.0 million registered equity rights offering (the "Rights Offering"), which was announced in a Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") on November 12, 2024.

Offerings

RMBL

RumbleOn Announces That The Close Of Business On November 25, 2024 Has Been Fixed As The Record Date For Its Previously Announced Proposed $10M Registered Equity Rights Offering

Telsey Advisory Group analyst Dana Telsey maintains European Wax Center (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWCZ#NASDAQ">EWCZ</a>) with a Outperform and maintains $8 price target.

EWCZ

Telsey Advisory Group Maintains Outperform on European Wax Center, Maintains $8 Price Target

<a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20241115-1475367/1475367_4rcm.pdf" title="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20241115-1475367/1475367_4rcm.pdf">https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20241115-1475367/1475367_4rcm.pdf</a>

FOUR

Shift4 Payments Will Replace R1 RCM In The S&P Midcap 400 Effective Prior To The Opening Of Trading On Wednesday, November 20

China Green Agriculture, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGA#NYSE">CGA</a>) has changed its name to Enlightify Inc., effective November 25, 2024. Its ticker symbol will change to ENFY effective November 25, 2024, and it is expected to begin trading under that symbol on November 26, 2024. The Company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China.

China Green Agriculture Changes Name to Enlightify Inc.; Its Ticker Symbol Will Change To 'ENFY' Effective November 25, 2024, And It Is Expected To Begin Trading Under That Symbol On November 26, 2024

Alpha Cognition (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACOG#NASDAQ">ACOG</a>) reported quarterly losses of $(0.31) per share. This is a 63.1 percent increase over losses of $(0.84) per share from the same period last year.

ACOG

Alpha Cognition Q2 EPS $(0.31) Up From $(0.84) YoY

D. Boral Capital analyst Jason Kolbert maintains NRX Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRXP#NASDAQ">NRXP</a>) with a Buy and maintains $31 price target.

NRXP

D. Boral Capital Maintains Buy on NRX Pharmaceuticals, Maintains $31 Price Target

D. Boral Capital analyst Jason Kolbert maintains VolitionRX (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/VNRX#AMEX">VNRX</a>) with a Buy and maintains $5 price target.

VNRX

D. Boral Capital Maintains Buy on VolitionRX, Maintains $5 Price Target

Transportation and Logistics Systems (TLSS) has released an update. Transportation and Logistics Systems, Inc. (TLSS) faced a significant operation...

Transportation and Logistics Systems Faces Major Operational Shutdown

Transportation and Logistics Systems (TLSS) just unveiled an announcement. Transportation and Logistics Systems, Inc., a holding company in the log...

Transportation and Logistics Systems Executive Layoffs and Appointments

Air freight stocks down today amid port strikes

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Transportation

<a href="https://www.tlss-inc.com/" rel="noreferrer noopener" target="_blank">Transportation and Logistics Systems Inc. (TLSS)</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TLSS#OTC">TLSS</a>) announced Monday it entered into an agreement on Tuesday to acquire all of the outstanding shares of<a href="https://www.salson.com/" rel="noreferrer noopener" target="_blank"> SalSon Logistics</a>. The Jupiter, Florida-based e-commerce fulfillment provider said the $90 million purchase price includes $50 million in cash, 19.9% of TLSS stock and $20 million in seller financing.

The stock purchase agreement would net TLSS a 60-year-old third-party logistics company that is expected to &quot;anchor&quot; its growth strategy.

&quot;This would be a game-changing acquisition for TLSS,&quot; said CEO John Mercadante. &quot;Moreover, SalSon&#39;s business provides an amazing platform and extensive infrastructure that would greatly enhance the company&#39;s ability to execute its acquisition and organic growth strategy.&quot;

SalSon is operated out of the Port of Newark with other locations in Florida, Georgia, New York, South Carolina, Texas and Virginia. The 3PL provides warehousing, transloading, dedicated carriage and drayage services. The company has more than 1,200 associates, 1 million square feet of warehousing space and a dedicated fleet of 550 tractors and 1,500 trailers.

The press release said SalSon is currently profitable, generating nearly $100 million in annual revenue.

TLSS began growing its platform of services and adding new markets<a href="https://www.freightwaves.com/news/e-commerce-fulfillment-outfit-tlss-to-acquire-cougar-express" rel="noreferrer noopener" target="_blank"> through acquisition</a> in the first quarter. The company acquired Double D Trucking and Cougar Express, in part to replace business it had with Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), which it described as unprofitable.

&quot;SalSon Logistics represents the type of business operation that would provide the infrastructure suitable as a foundation for significant growth through subsequent acquisition opportunities, as well as for organic growth potential,&quot; the press release read. &quot;This acquisition could improve the growth potential of TLSS because, with SalSon as the core foundational operation of the Company, synergistic targets that complement this business could bring immediate value when more acquisitions are secured.&quot;

<table>
	<tbody>
		<tr>
			<td>Acquisition price</td>
			<td>$90M</td>
		</tr>
		<tr>
			<td>Target revenue run rate</td>
			<td>$100M</td>
		</tr>
		<tr>
			<td>Acquirer revenue run rate</td>
			<td>$28M</td>
		</tr>
		<tr>
			<td>Recent acquisitions by acquirer</td>
			<td>Double D, Cougar Express</td>
		</tr>
		<tr>
			<td>Financing</td>
			<td>90 days after execution of SPA</td>
		</tr>
		<tr>
			<td>Closing date</td>
			<td>$60M, $20M in seller financing</td>
		</tr>
	</tbody>
</table>

Table: Company reports

<h4 id="h-financing-the-deal-remains-an-obstacle">Financing The Deal Remains An Obstacle</h4>

The transaction is contingent on TLSS securing adequate debt financing for the cash portion of the deal, which could be difficult given its prior losses and current negative net worth. Assets of SalSon&#39;s are expected to back the financing program needed to facilitate the deal.

&quot;If the debt financing for the cash portion of the purchase price cannot be obtained, then the transaction will not close,&quot; the release stated. &quot;The Company has just commenced a search for financing by hiring an investment banking firm to assist in the search, which has made inquiries with several financial institutions. As present, the Company has not yet received any proposed terms for financing or entered into an agreement for financing.&quot;

TLSS estimates it will need to raise $60 million in financing, including $6 million in equity financing, to fund the cash portion, pay fees and transaction costs, and provide working capital for SalSon. The amount of financing represents roughly 2.4 times the market capitalization of TLSS. TLSS would also need to issue shares of common stock to close the deal if it successfully obtains financing.

The deal is expected to close 90 days after the execution of the stock purchase agreement. There is no deposit or breakup or termination fee associated with the transaction if financing is not obtained or other contingencies are not met.

&quot;We are in one of the most exciting and opportunistic times in the logistics space,&quot; said Anthony Berritto, president of SalSon. &quot;So by joining forces with TLSS, a publicly-traded company, I strongly believe that together, we can accelerate our mutual goal of growth through strategic acquisition, as well as more readily capitalize upon organic growth opportunities presently available in the industry.&quot;

Berritto is expected to run SalSon and all of TLSS&#39; existing fulfillment services subsidiaries following the deal. &quot;Berritto has agreed in principle to do so, but if the parties do not reach an agreement on employment terms, the Company does not intend to complete the transaction,&quot; the release read.

<a href="https://www.freightwaves.com/news/author/toddmaiden" rel="noreferrer noopener" target="_blank">Click for more FreightWaves articles by Todd Maiden.</a>

<ul id="block-d9f4d22a-0cbe-41cc-bbaa-4f06ce4fc4c4">
	<li><a href="https://www.freightwaves.com/news/heyl-truck-lines-buys-regional-carrier-holiday-express" rel="noreferrer noopener" target="_blank">Heyl Truck Lines buys regional carrier Holiday Express</a></li>
	<li><a href="https://www.freightwaves.com/news/may-retail-sales-supportive-of-freight-flows" rel="noreferrer noopener" target="_blank">Retail sales remain strong in May; future freight flows look promising</a></li>
	<li><a href="https://www.freightwaves.com/news/freight-boom-barrels-through-may-cass-reports" rel="noreferrer noopener" target="_blank">Freight boom barrels through May, Cass reports</a></li>
	<li>Image Sourced from Pixabay</li>
</ul>

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