Fenix Parts Stockholders Approve Merger Agreement with Stellex Capital Management LP
09 Aprile 2018 - 10:25PM
Fenix Parts, Inc. (Pink Sheets:FENX), a leading recycler and
reseller of original equipment manufacturer (“OEM”) automotive
products (the “Company”), today announced that Fenix Parts’
stockholders approved the previously announced merger agreement
with an affiliate of Stellex Capital Management LP (“Stellex”) at a
special meeting of stockholders held earlier today.
Approximately 92% of voting Fenix Parts
stockholders cast their votes in favor of the merger, representing
approximately 63% of Fenix Parts’ outstanding common stock as of
the record date for the special stockholder meeting.
Upon completion of the transaction, Fenix Parts
stockholders will receive an amount in cash equal to $0.40 per
share of Fenix Parts common stock. The transaction remains subject
to customary closing conditions and is expected to close this
month, at which time Fenix Parts will become a private company and
its common stock will no longer trade on the OTC Pink operated by
the OTC Markets Group Inc.
About Fenix PartsFenix 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.
Forward-Looking
StatementsStatements in this press release regarding the
proposed transaction between Stellex and Fenix, the expected
timetable for completing the transaction, benefits of the
transaction and any other statements about Stellex and Fenix
managements’ future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements. Any statements
that are not statements of historical fact (including statements
containing the words “believes,” “plans,” “anticipates,” “expects,”
“estimates,” and similar expressions) should also be considered to
be forward-looking statements. There are a number of important
factors that could cause actual results or events to differ
materially from those indicated by such forward-looking statements,
including the ability to consummate the transaction. Except as
otherwise required by law, Fenix disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this press release.
At Fenix Parts:Scott
PettitChief Financial Officerscottpettit@fenixparts.com
Investor and Media
Inquiries:Chris
Kettmann773-497-7575ckettmann@lincolnchurchilladvisors.com
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