WESTCHESTER, Ill., April 09, 2018 (GLOBE NEWSWIRE) -- 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 Parts
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.
Statements 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:
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Source:Fenix Parts, Inc.