There ARE, essentially, ONLY TWO ways a company can sell their shares (and/or convertible notes/instruments)...either by registering the shares or claiming and utilizing an exemption to registration.
TLSS/Campo hasn't/haven't done either since Campo started converting the older toxic convertible debt that was disclosed, lastly, on December 9, 2019 in the TLSS 10Q. Must file a FORM D and an 8K disclosing the sale of unregistered equity securities (Item 3.02 of an 8K, see below).
Once the transaction takes place and the purchase is paid-in-full, the notes start their 6 month (180 days) countdown on removing the restrictive legend. One cannot sell the unregistered shares for a period of 6 months (fully SEC reporting company) or a year (non-reporting company) from the paid-in-full purchase date.
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