FENIX PARTS, INC. (NASDAQ:FENX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing
(the Company) filed a Form 12b-25, extending the filing date for
its Quarterly Report on Form 10-Q for its fiscal quarter ended
September 30, 2016 (the 10-Q). The quarterly report was required
to have been filed with the Securities and Exchange Commission
(the SEC) by the Company on or before November 21, 2016 in order
to have been considered as timely filed; however, as expected,
the Company was unable to do so.
Nasdaq Stock Market LLC (Nasdaq) stating that it was not in
compliance with Nasdaq Listing Rule 5250(c)(1) for failure to
timely file the 10-Q. to the letter, the Company is required to
submit to Nasdaq an update of its plan originally submitted on
October 21, 2016, as supplemented on November 3, 2016, to regain
compliance with respect to the filing requirement associated with
its Quarterly Report on Form 10-Q for the quarter ended June 30,
2016. The Companys original plan to regain compliance with Nasdaq
listing rules was accepted by Nasdaq, granting the Company an
exception to listing rules to file its Form 10-Q for the
quarterly period ended June 30, 2016 and any other delinquent
periodic reports on or before February 13, 2017. The Company
plans to submit to Nasdaq an update of its plan of compliance no
later than December 7, 2016, as requested by Nasdaq.
announcing the receipt of the deficiency letter, a copy of which
is attached hereto as Exhibit 99.1 and incorporated by reference
herein.
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Exhibit Number
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Description
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99.1
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Press release dated November 29, 2016.
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About FENIX PARTS, INC. (NASDAQ:FENX)
Fenix Parts, Inc. is engaged in auto recycling business. The Company recovers and resells original equipment manufacturer (OEM) parts, components and systems, such as engines, transmissions, radiators, trunks, lamps and seats reclaimed from damaged, totaled or low value vehicles. The Company operates through Automobile Recycling segment. The Company purchases its vehicles primarily at auto salvage auctions. Upon receipt of vehicles, the Company inventories and then dismantles the vehicles and sells the recycled components. Its customers include collision repair shops (body shops), mechanical repair shops, auto dealerships and individual retail customers. The Company also generates a portion of its revenue from the sale as scrap of the unusable parts and materials, from the sale of used cars and motorcycles, the sale of aftermarket parts, and from the sale of extended warranty contracts. FENIX PARTS, INC. (NASDAQ:FENX) Recent Trading Information
FENIX PARTS, INC. (NASDAQ:FENX) closed its last trading session down -0.17 at 3.55 with 266,868 shares trading hands.
