Fenix Parts (FENX) Receives Nasdaq Listing Notification
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Fenix Parts, Inc. (Nasdaq: FENX) announced that, as expected, it received a notice from The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because it did not timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 with the Securities and Exchange Commission (SEC).
As a result of this notice, the Company is required to submit an update to the plan originally submitted on October 21, 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 Company’s 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.
The Company continues to work diligently with its new auditors to complete quarterly review and first-time-through procedures in order to be in a position to file with the SEC its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2016 and September 30, 2016 as soon as possible and to thereby evidence compliance with the Rule.
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