Fenix Parts, Inc. (OTC Pink: FENX) is engaged within as a recycler and reseller of automotive OEM products. Shares of the automotive parts company are rallying 13.83%, through early trading on Monday, July 3, 2017. Over the past month, Fenix Parts, Inc. reported average daily volume of 448,727 shares. However, volume of 229,169 shares or dollar volume of $122,605, has already exchanged hands on the day.
Shares of Fenix Parts, Inc. are rallying after the company announced it has been delisted from the Nasdaq on June 29, 2017 and began trading on the OTC Pink Sheets. The company notes that there is a appeal period and a chance to get back on the Nasdaq. Here is the full press release detailing of the delisting:
Fenix Parts, Inc. Press Release:
WESTCHESTER, Ill., June 30, 2017 (GLOBE NEWSWIRE) — Fenix Parts, Inc. (Pink Sheets:FENX), a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products, today announced that the Company’s common shares commenced trading on the OTC Pink operated by the OTC Markets Group Inc. (also known as the “Pink Sheets”) under the symbol “FENX.” For more information, please see www.otcmarkets.com. As previously disclosed, the Company recently received a letter from the Nasdaq Hearings Department notifying the Company that trading in its shares on the Nasdaq Stock Market (the “Nasdaq”) would be suspended at the opening of business on June 29, 2017 and the shares will be delisted after applicable appeal periods have lapsed due to the Company’s non-compliance with Nasdaq Listing Rule 5250(c)(1).
About Fenix Parts, Inc.
Fenix Parts, Inc. is a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products. The Company’s primary business is auto recycling, which is the recovery and resale of OEM parts, components and systems reclaimed from damaged, totaled or low value vehicles. Customers include collision repair shops (body shops), mechanical repair shops, auto dealerships and individual retail customers. Fenix provides its customers with high-quality recycled OEM products, extensive inventory and product availability, responsive customer service and fast delivery.
Fenix was founded in 2014 to create a network that offers sales, fulfillment and distribution in key regional markets in the United States and Canada. The Fenix companies have been in business an average of more than 25 years and currently operate from 16 locations throughout the Eastern U.S. and in Ontario, Canada.
This press release contains forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as “may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent,” the negative of these terms or other similar expressions. Our actual results could differ materially from those discussed or implied herein.
We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings. These filings are available online at www.sec.gov, www.fenixparts.com or upon request from Fenix Parts.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.