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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fenix Parts, Inc. | NASDAQ:FENX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.60 | 0.58 | 0.63 | 0 | 01:00:00 |
Since June 30, 2016, the Company’s failure to deliver quarterly reports on a timely basis and its failure to comply with certain financial covenants have triggered defaults under the Credit Facility. On March 27, 2017, the Company entered a Forbearance Agreement with BMO, which was amended on June 23, 2017. The Forbearance Agreement now entered into (dated December 29, 2017) supersedes the previous agreement.
If the Company is unable to reach further agreement with BMO to extend the forbearance period and/or obtain waivers or amendments to the existing Credit Facility, find acceptable alternative financing, obtain equity contributions or arrange a business combination, the lenders could elect to declare some or all of the amounts outstanding under the Credit Facility to be immediately due and payable. If this happens, the Company does not expect to have sufficient liquidity to pay the outstanding amounts under the Credit Facility. In addition, the Company has significant obligations under contingent consideration agreements related to certain acquired companies, and it will need access to additional credit to be able to satisfy these obligations. As a result, substantial doubt exists regarding the ability of the Company to continue as a going concern.
Strategic AlternativesAs announced in March 2017, the Company’s Board of Directors has engaged Stifel, Nicolaus & Co., Inc. (“Stifel”), a subsidiary of Stifel Financial Corp., to advise the Board and Company management and to assist in pursuing a range of potential strategic and financial transactions, including a business combination, debt and/or equity financing, or a strategic investment into the Company, that will provide the Company with improved liquidity and maximize shareholder value. Since the appointment, Stifel has conducted a comprehensive, confidential market outreach program to identify potential interested parties. In addition, interested parties have approached Stifel and the Company. The extensive nature of the outreach and the Company’s difficulties in filing its SEC reports have slowed the process. The Company has received a substantial number of proposals for financial transactions and the Special Committee of the Board overseeing the process has reviewed each of the various proposals with Stifel. The Company remains in active discussions with certain of the interested parties regarding a potential transaction, and the Board remains committed to the process but has not set a definitive timetable for completion of this process. The Board, through its Special Committee, has, and will continue to, carefully consider all alternatives, but there can be no assurance that this process will ultimately result in a transaction or other strategic investment of any kind. The Company does not intend to disclose any periodic developments or provide further updates on the progress or status of this process unless it deems further disclosure is appropriate or required.
About Fenix PartsFenix Parts 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.
Forward-Looking StatementsThis 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 included in the 2016 Annual Report on Form 10-K, which include, among other things:
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.
At Fenix Parts:Scott PettitChief Financial Officerscottpettit@fenixparts.com
Investor and Media Inquiries:Chris Kettmann773-497-7575ckettmann@lincolnchurchilladvisors.com
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