FENIX PARTS, INC. (NASDAQ:FENX) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
Quarterly Report on Form 10-Q for the quarter ended June 30, 2016
and issued a press release reporting, among other things, its
second quarter 2016 results. A copy of the press release is
furnished with this Current Report on Form 8-K as Exhibit 99.1
and is incorporated herein by reference.
the extent that Exhibit 99.1 relates to the Results of Operations
and Financial Condition) shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to the liabilities of
that section, nor shall it be incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as expressly set forth by specific reference
in such a filing.
Listing Rule or Standard; Transfer of Listing
received a letter from The Nasdaq Stock Market LLC (Nasdaq)
stating that it was not in compliance with Nasdaq Listing Rule
5250(c)(1) (the Rule) for failure to timely file its Form 10-Q
for its fiscal quarter ended September 30, 2016, which
supplemented the delinquency letter with respect to the Companys
late filing of its Quarterly Report on Form 10-Q for its fiscal
quarter ended June 30, 2016 (the Quarterly Reports). The Company
was granted an exception until February 13, 2017 to allow it to
regain compliance with the Rule by filing the Quarterly Reports
on or before that date. The Company was unable to do so and
accordingly received a Nasdaq staff determination letter on
February 14, 2017 indicating that the Company had not met the
terms of the exception. The letter further advised that trading
of the Companys stock would be subject to suspension and the
stock would be subject to delisting unless the Company timely
requested a hearing before the Nasdaq Hearings Panel (the Panel).
A hearing request stays the suspension and delisting for 15 days,
which may be extended at the option of Nasdaq upon the Companys
request for an extension.
quarter ended June 30, 2016 and intends to timely request a
hearing before the Panel, at which the Company will present its
plan to achieve compliance with the Rule. Concurrent with the
hearing request, the Company intends to ask the Panel to extend
the stay pending the issuance of the Panels decision following
Exhibit 99.1, included an announcement of the receipt of the
Nasdaq determination letter.
Press release dated February 21, 2017.
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 -0.09 at 2.17 with 158,183 shares trading hands.