The company, a recycler and reseller of original equipment manufacturer automotive products, filed a form 12b-25 notification of late filing for its annual report on form 10-K for the year ended December 31, 2015 with the U.S. Securities and Exchange Commission. The form will allow the company an additional 15 calendar days to file form 10-K, which would have otherwise been due on March 30, 2016.
The extension is necessary to provide the company and its auditors sufficient time to complete the audit process of the financial statements, taking into account the amended and restated multicurrency credit agreement with Bank of Montreal as lender and BMO Harris Bank as administrative agent, letter of credit issuer and lender. The company fully expects to file its form 10-K within the extended filing period.
Kent Robertson, CEO of Fenix Parts, said, “We are pleased to have entered into an amended credit facility with BMO Harris that provides us with the capacity to execute our business strategy. However, because the amended credit agreement needs to be reflected throughout our form 10-K for 2015, the company and our auditors need additional time to complete the audit, and review the company’s financial results and revisions to the document. We expect to file our 10-K prior to the extended filing deadline, in compliance with SEC requirements, and look forward to providing shareholders with an update on our 2015 operating results at that time.”