Fenix Parts Stockholders Approve Merger Agreement with Stellex Capital Management LP
Source: Fenix Parts
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.