Fenix Parts Receives Nasdaq Acceptance Of Its Plan To Regain Compliance

WESTCHESTER, Ill., Nov. 15, 2016 (GLOBE NEWSWIRE) -- Fenix Parts, Inc. (Nasdaq:FENX), a leading recycler and reseller of original equipment manufacturer ("OEM") automotive products, today announced that The Nasdaq Stock Market ("Nasdaq") has granted the Company's request for an exception to Nasdaq's filing requirement, as set forth in Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires the timely filing of all periodic financial reports with the Securities and Exchange Commission (the "SEC").

As previously announced, on August 23, 2016, the Company received a non-compliance notice from Nasdaq as a result of the Company's inability to timely file its Form 10-Q with the SEC for the quarter ended June 30, 2016. In its letter, Nasdaq notified the Company that it had 60 days to submit to Nasdaq a plan to regain compliance with the Rule.

On October 21, 2016, Fenix timely submitted to Nasdaq a plan to regain compliance with the Rule. After reviewing the Company's plan, Nasdaq accepted the plan and granted an exception to enable the Company to regain compliance with the Rule. Under the terms of the exception, the Company has until February 13, 2017 to file its second quarter Form 10-Q with the SEC.

In addition, the Company has filed with the SEC a Form 12b-25 Notification of Late Filing for its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. The Form 12b-25 allows the Company an additional five calendar days to file the third quarter Form 10-Q. The Company does not expect to file its third quarter Form 10-Q until after it has filed its second quarter 2016 Form 10-Q. Therefore, the Company expects to receive a non-compliance notice from Nasdaq stating the Company is not in compliance with its third quarter filing requirement following the five-calendar day extension. Under the terms of the exception, the Company has until February 13, 2017 to file the third quarter Form 10-Q.