DXP auditor Moss Adams resigns; restatement; material weaknesses; Nasdaq compliance risk

DXP ENTERPRISES INC

Moss Adams resigned as auditor effective upon filing of Q3 10-Q; McConnell & Jones engaged for FY 2021.
Company restated 2018-2020 financials and Q1 2021 due to aged unvouchered purchase orders.
Material weaknesses in internal control over financial reporting as of Dec 31, 2020; disclosure controls not effective.
Nasdaq confirmed current filings as of Nov 8 but Q3 late filing expected to trigger another deficiency notice.
If compliance not regained, securities subject to delisting; 60-day plan submission, up to 180-day exception.

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