DXP Declares 2-for-1 Stock Split
DXP Enterprises, Inc.'s Board of Directors has declared a split of the Company’s common stock on a two-for-one basis to be paid in the form of a special dividend of one share of common stock for each share of common stock outstanding.
The stock split will be effected through a stock dividend entitling each shareholder of record to receive one additional share of common stock for every one share owned. Additional shares issued as a result of the stock dividend will be distributed after close of trading on September 30, 2008 (the Payable Date), to shareholders of record as of the close of business September 22, 2008 (the Record Date). Upon completion of the stock dividend, the number of shares outstanding will be approximately 12.9 million.
David Little, Chairman and CEO of DXP Enterprises, said, "The increased number of shares resulting from the stock dividend should enhance trading liquidity and potentially broaden our ownership base by making an investment in DXP Enterprises more accessible, although there can be no assurance that either of these will happen. The Board of Directors has decided that a stock dividend is appropriate at this time because of our demonstrated sustained growth and our expectation that this will continue."