HURST, TEXAS, April 26, 2022 /CNW/ – NextPoint Financial Inc. (TSX: NPF.U) (TSX: NPF.WT.U) (“NextPoint“) announced today an update on the status of the management cease trade order granted by the Ontario Securities Commission (the “OSC“), as NextPoint’s principal regulator, on April 1, 2022 (the “MCTO“) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203″). As announced on March 17, 2022 (the “Default Announcement“), NextPoint made an application to the OSC for the MCTO in connection with the filing of its audited financial statements for the year ended December 31, 2021 and the related management’s discussion and analysis and CEO and CFO certificates and its annual information form for the year ended December 31, 2021 (such filings, collectively, the “Required Documents”) after the filing deadline of March 31, 2022. The MCTO prevents the officers named in the order from trading in NextPoint’s securities but does not affect the ability of other shareholders, including the public, to trade in securities of NextPoint.
NextPoint is continuing to work to complete the incorporation of the annual results of its recently acquired subsidiary, Community Tax LLC, into NextPoint’s financial statements in accordance with IFRS as required to complete the Required Documents however further analysis is required with respect to interest income and related customer loan balances at its LoanMe lending business which will cause further delay in the filing of the Required Documents. As a result, NextPoint no longer expects to be able to file the Required Documents by April 29, 2022. The timing of such filing remains to be determined in connection with the completion of such additional analysis. NextPoint will issue a press release confirming the intended filing date for the Required Documents once determined.
NextPoint confirms that other than as set out herein since the date of the Default Announcement: (i) there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) there has been no failure by NextPoint in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by NextPoint under NP 12-203; and (iv) there is no other material information concerning the affairs of NextPoint that has not been generally disclosed.
NextPoint confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains delayed in meeting the above noted filing requirements.
About NextPoint Financial Inc.
NextPoint is an all-inclusive marketplace for financial services empowering hardworking and underserved consumers and small businesses. NextPoint was formed through the July 2021 combination of Liberty Tax, a leading provider of tax preparation services, with LoanMe, an online lender and loan marketer followed by the December 2021 acquisition of Community Tax, an effective advocate for tax debt resolution on behalf of customers.
SOURCE NextPoint Financial Inc.
For further information: Mike Piper, [email protected], 757-493-8855