Summary: Space Exploration Stack Exchange will begin the nomination stage for an election on 28 March, as your “graduation” election.
On 21 March, I'll post a question collection post on Meta, so that the community can post questions they'd like to see the candidates answer.
Starting on 28 March, users can nominate themselves. The top questions collected on the previous week will be compiled into a questionnaire on the election page, so that potential moderators can answer them.
The existing moderator team will need to run in the election if they wish to keep their positions.
On 4 April, if there are 4 or more candidates, we'll run an election. If not, I'll extend the nomination period for a week. If, at the end of that extension period there are still less than 4 candidates, I'll simply appoint the candidates who've nominated (and aren't already pro-tem mods) and we'll default to considering this a "failed election" and keep the total number of moderators on the site at 3 (for full details of the process, see the announcement on Meta Stack Exchange). (There's a small chance we'll need to remove a nomination, but I doubt that will come up.)
If there is an election, I'll announce the results on meta on 12 April (or 19 April, if we need to extend the nomination period).
If you have any questions about the process, please stick them in an answer here.