FENIX PARTS, INC. (NASDAQ:FENX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
a Forbearance Agreement to the credit facility (the “Forbearance
Agreement”) with BMO Harris Bank N.A. and its Canadian affiliate,
Bank of Montreal. to the Forbearance Agreement, the banks agreed to
forbear from exercising their rights and remedies under the credit
facility with respect to the Companys non-compliance with
applicable financial and other covenants and any further
non-compliance with such covenants during the forbearance period,
provided no other defaults occurred. The Forbearance Agreement was
amended on June 23, 2017 to extend the forbearance period, which
had originally expired on May 26, 2017, until August 31, 2017 and
to resolve certain new defaults. The amendment also permits the
Company to add the quarterly interest payments otherwise due for
the second quarter of 2017 to the principal amount of debt
outstanding and defer the $250,000 principal payment due on June
30, 2017 to the end of the forbearance period.
amendment of the Forbearance Agreement, a copy of which is attached
hereto as Exhibit 99.1.
Listing Rule or Standard; Transfer of Listing
Hearings Panel (the “Panel”) that the Panel has determined to
delist the Company’s shares from the Nasdaq Stock Market
(“Nasdaq”) and will suspend trading in the Company’s shares
effective at the open of business on June 29, 2017. Nasdaq Stock
Market will complete the delisting by filing a Form 25,
Notification of Delisting with the Securities Exchange Commission,
after applicable appeal periods have lapsed. The Panel’s
determination was due to the Companys continuing non-compliance
with Nasdaq Listing Rule 5250(c)(1) and, in particular, its failure
to file its 2016 Annual Report on Form 10-K (the Annual Report) by
the extended due date of June 23, 2017.
on the OTC Pink operated by the OTC Markets Group Inc. (also known
as the “Pink Sheets”) subsequent to the effectiveness of the
suspension of trading of the Company’s common stock on Nasdaq.
auditors to complete its annual audit and quarterly review so that
all delinquent periodic reports may be filed with the SEC as soon
as possible.
referenced in Item 1.01, is an announcement of the Panels delisting
decision.
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Exhibit Number
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Description
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99.1
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Press release dated June 28, 2017.
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Fenix Parts, Inc. ExhibitEX-99..1 2 pressrelease6282017.htm EXHIBIT 99..1 Exhibit EXHIBIT 99.1At Fenix Parts:Scott PettitChief Financial [email protected] and Media Inquiries:Chris [email protected] Parts Provides Update on Nasdaq Listing and Forbearance Agreement WESTCHESTER,…To view the full exhibit click here 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.
