Texas, April 1, 2022 /CNW/ - NextPoint Financial
Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint")
announced today that pursuant to NextPoint's previously announced
application, the Ontario Securities Commission (the "OSC"),
as NextPoint's principal regulator, has granted NextPoint a
management cease trade order under National Policy 12-203 –
Management Cease Trade Orders ("NP 12-203").
NextPoint made the application in connection with the filing of
its audited annual financial statements for the year ended
December 31, 2021, 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 management cease
trade order is to remain in place until two full business days
following the receipt by the OSC of the Required Documents and
restricts all trading by Chief Executive Officer, Brent
Turner and Chief Financial Officer, Michael Piper.
The management cease trade order 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.
As previously announced, NextPoint's filing of the Required
Documents has been delayed as management has determined that
additional time is required to incorporate the annual results of
its recently acquired subsidiary, Community Tax LLC, into
NextPoint's financial statements in accordance with IFRS in
order to complete the annual financial statements for the year
ended December 31, 2021. NextPoint is
currently working to complete the necessary analysis to facilitate
the filing of the financial statements at the earliest possible
date and currently expects to be in a position to file the Required
Documents within 30 days of the original filing deadline.
NextPoint confirms that it will 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. NextPoint confirms that there is no other material
information relating to its affairs that has not been generally
disclosed. Other than as disclosed herein, NextPoint is up to date
in its filing obligations.
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.