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DXPE > SEC Filings for DXPE > Form 8-K on 2-May-2013All Recent SEC Filings

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Form 8-K for DXP ENTERPRISES INC


2-May-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standar


ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OR LISTING.

As disclosed in Item 5.02 of DXP Enterprises, Inc.'s (the "Company") Current Report on Form 8-K filed with the United States Securities and Exchange Commission on April 17, 2013, Kenneth Miller, a member of the Company's Board of Directors and the Audit Committee of the Board, passed away on April 14, 2013.

On May 1, 2013, the Company received a letter from the Nasdaq Stock Market ("Nasdaq") stating that the Company has failed to comply with Listing Rule 5605 of the Nasdaq Stock Market Rules. Rule 5605 requires listed companies to maintain an audit committee consisting of at least three independent directors. As a result of Kenneth Miller's passing, the Company currently has only two independent members on its audit committee.

If the Company's next annual stockholders' meeting is held before October 11, 2013, the Company has until October 11, 2013 to regain compliance with Rule 5605. The Company is in the process of identifying an independent director to be appointed to the Audit Committee in order to regain compliance with Nasdaq Rule 5605 prior to the expiration of the cure period granted by Nasdaq.

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