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
decision granting the Company’s extension request for the
continued listing of its common stock on The Nasdaq Stock Market
(“Nasdaq”).
2017, granting the Company’s request for the continued listing of
its common stock on Nasdaq subject to, among other things, the
Company’s filing with the Securities and Exchange Commission (the
“SEC”) (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 “Q-1 Quarterly Report”).
listing on Nasdaq is now subject to the Company’s filing with the
SEC (1) the 2016 Form 10-K by June 9, 2017 and (2) the Q-1
Quarterly Report by July 14, 2017. In addition, the Company is
required to file its Form 10-Q for the period ended June 30, 2017
by August 14, 2017. The Panels decision advised that August 14,
2017 represents the full extent of the Panels discretion to grant
continued listing while the Company is non-compliant with Nasdaq
Listing Rule 5250(c)(1), and the Company must demonstrate
compliance by that date in order to avoid a final delisting
determination.
significant events that occur during the 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.
the decision of the Panel, 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 March 31, 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 up +0.10 at 1.42 with 563,522 shares trading hands.