DXP Enterprises Announces Receipt of Notice From Nasdaq Regarding Late Filing of Annual Report on Form 10-K
April 04 2023 - 3:26PM
Business Wire
DXP Enterprises, Inc. (NASDAQ: DXPE): DXP Enterprises,
Inc. (the “Company”) today announced that it has received a written
notice (the “Notice”) on April 3, 2023, from the Listing
Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), as
a result of its failure to file its Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 (the “Form 10-K”) in a
timely manner. The Notice advised the Company that it was not in
compliance with Nasdaq’s continued listing requirements under the
Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because it has not
timely filed the Form 10-K with the Securities and Exchange
Commission (the “SEC”).
As previously reported by the Company in its Form 12b-25 filed
with the SEC on March 17, 2023, and its Current Report on Form 8-K
filed with the SEC on March 31, 2023, the Company was unable to
file its Form 10-K within the prescribed time period without
unreasonable effort or expense.
Nasdaq has informed the Company that, under Nasdaq rules, the
Company has 60 calendar days from receipt of the Notice or until
June 2, 2023, to submit a plan to regain compliance with the Rule.
If Nasdaq accepts the Company’s plan, then Nasdaq may grant an
exception of up to 180 calendar days from the due date of the Form
10-K, or until September 27, 2023, to regain compliance. However,
there can be no assurance that Nasdaq will accept the Company’s
plan to regain compliance or that the Company will be able to
regain compliance within any extension period granted by Nasdaq or
maintain compliance with the other continued listing requirements
set forth in the Nasdaq Listing Rules. If Nasdaq does not accept
the Company’s plan, then the Company will have the opportunity to
appeal that decision to a Nasdaq hearings panel. The Notice has no
immediate effect on the listing or trading of the Company’s
securities.
The Company is working diligently to complete its Form 10-K. The
Company intends to file the Form 10-K with the SEC on or before
April 12, 2023.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service
distributor that adds value and total cost savings solutions to
industrial customers throughout the United States, Canada and
Dubai. DXP provides innovative pumping solutions, supply chain
services and maintenance, repair, operating and production ("MROP")
services that emphasize and utilize DXP’s vast product knowledge
and technical expertise in rotating equipment, bearings, power
transmission, metal working, industrial supplies and safety
products and services. DXP's breadth of MROP products and service
solutions allows DXP to be flexible and customer-driven, creating
competitive advantages for our customers. DXP’s business segments
include Service Centers, Innovative Pumping Solutions and Supply
Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe-harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made by or to be made
by the Company) contains statements that are forward-looking, such
as the Company’s intention to file its Form 10-K by the date stated
above. Such forward-looking information involves important risks
and uncertainties that could significantly affect anticipated
results in the future; and accordingly, such results may differ
from those expressed in any forward-looking statement made by or on
behalf of the Company. These risks and uncertainties include, but
are not limited to, dependence on existing management and
accounting staff and dependence on outside service providers to
provide needed services in a timely manner. In some cases, you can
identify forward-looking statements by terminology such as, but not
limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“goal,” or “continue” or the negative of such terms or other
comparable terminology. For more information, review the Company’s
filings with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230404006056/en/
Kent Yee Senior Vice President, CFO 713-996-4700
DXP Enterprises (NASDAQ:DXPE)
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