Summary: elementary OS Stack Exchange will begin the nomination stage for a special election on March 7 to bring in 2 more moderators.
For full details of the process, see the announcement on Meta Stack Exchange. The timeline:
Starting on March 7, users can nominate themselves. Users can also ask questions on Meta for potential moderators to answer. (Use the discussion and election tags.)
On March 14, if there are 3 or more candidates, the election will move into the voting phase. If not, we'll extend the nomination period for a week. If, at the end of that extension period, there are still fewer than 3 candidates, we'll simply appoint the candidates so we can get the team up to 3 mods. (There's a small chance we'll need to remove a nomination.)
If the election moves into the voting phase, we'll announce the results on Meta on March 22 (or March 29, if we need to extend the nomination period).
If you have any questions about the process, please post them in an answer here.