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
a decision granting the Companys request for the continued listing
of its common stock on The Nasdaq Stock Market (Nasdaq), which
decision followed upon the Companys filing of its Quarterly Reports
on Form 10-Q for its fiscal quarters ended September 30, 2016 and
June 30, 2016 (the “Quarterly Reports”) and the Companys hearing
before the Panel on March 30, 2017. As previously reported, the
Company had failed to meet the terms of the exception granted by
Nasdaq, which gave the Company until February 13, 2017 to file its
late Quarterly Reports. to the Panels decision, the Companys
continued listing on Nasdaq is subject to the Company filing with
the Securities and Exchange Commission (1) its Annual Report on
Form 10-K for the year ended December 31, 2016 by May 26, 2017 (the
2016 Form 10-K) and (2) its Quarterly Report on Form 10-Q for the
period ended March 31, 2017 by June 30, 2017. The Company is also
required to provide prompt notification of any significant events
that occur during this exception period which call into question
the Company’s historical financial information or ability to
maintain compliance with any Nasdaq listing requirement or
exception deadline. The Panel reserved the right to reconsider the
terms of the exception. Furthermore, the Nasdaq Listing and Hearing
Review Council has the right to review the Panel’s decision within
45 days after its issuance.
letter on April 5, 2017 from the Nasdaq Listing Qualifications
staff in connection with its inability to timely file the 2016 Form
10-K, as required by Nasdaq Listing Rule 5250(c)(1). While the
notice indicated that the Panel would consider the matter in
connection with the Companys continued listing and that the Company
should present its views to the Panel with respect to this
additional deficiency no later than April 12, 2017, this
delinquency was anticipated and factored into the Panels decision
discussed above, which granted the Company an exception until May
26, 2017 to file the 2016 Form 10-K.
decision of the Panel and 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
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Description
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99.1
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Press release dated April 5, 2017
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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 -0.02 at 1.46 with 68,634 shares trading hands.
