TheStreetSweeper Cautious on Fenix Parts (FENX)
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TheStreetSweeper issues cautious report on Fenix Parts (NASDAQ: FENX).
The group highlighted:
1. The SEC has launched a probe and issued a subpoena. The investigation seems focused on the company's accounting methods, internal controls and the recently dismissed auditor.
2. Fenix repeatedly files financial reports late – a big red flag for investors. It's now late with both the second and third quarter financials.
3. The Nasdaq is threatening to delist the stock due to the late financials.
4. Fenix has broken a loan covenant (which sullies its financial reputation) and partially blames its late financial reports on the lender's failure to write a waiver.
5. Fenix will likely conduct one or more dilutive capital raises, as it needs millions to keep the doors open, grow the business and pay those broken-covenant loans
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