DXP Enterprises Announces Receipt of Notice From Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
August 20 2021 - 4:30PM
Business Wire
DXP Enterprises, Inc. (NASDAQ: DXPE): DXP Enterprises,
Inc. (the “Company”) today announced that it has received a written
notice (the “Notice”) on August 17, 2021, from the Listing
Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), as
a result of its failure to file its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2021 (the “Form 10-Q”) 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-Q with the Securities and Exchange
Commission (the “SEC”).
As previously reported by the Company in its Form 12b-25 filed
with the SEC on August 9, 2021, and its Current Report on Form 8-K
filed with the SEC on August 16, 2021, the Company was unable to
file its Form 10-Q 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
October 18, 2021, 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-Q (August 9, 2021, extended until August 16, 2021 pursuant
to the Form 12b-25 filing), or until February 14, 2022, 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-Q. The
Company intends to file the Form 10-Q with the SEC on or before
September 15, 2021.
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. These
forward-looking statements include without limitation those about
the Company's expectations regarding the filing of the Form 10-Q.
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 inability of the Company or its independent auditors to
complete the work necessary in order to file the Form 10-Q, in the
expected time frame; unanticipated changes to the Company's
operating results in the Form 10-Q as filed or in relation to prior
periods, and unanticipated impact of such changes and its
materiality. 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. More information on
these risks and other potential factors that could affect the
Company’s business and financial results is included in the
Company’s filings with the SEC, including in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of the Company’s most recently
filed periodic reports on Form 10-K and Form 10-Q and subsequent
filings. The Company assumes no obligation to update any
forward-looking statements or information, which speak as of their
respective dates.
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version on businesswire.com: https://www.businesswire.com/news/home/20210820005349/en/
Kent Yee 713-996-4700 Senior Vice President, CFO
www.dxpe.com
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